Section IP 6 — Income Tax Act 2007: Financial statements required

IP 6 Financial statements required Financial statements required from company: section IP 3 (1) For the purposes of this subpart, a company must provide the Commissioner with adequate financial statements under section IP 3(2)(c) and (4)(b) relating to the continuity period. Financial statements required from company A: section IP 4 (2) For the purposes of this subpart, company A must provide the Commissioner with adequate financial statements under section IP 4(2)(c) relating to the common span, calculating the amount of the tax loss component, determined on a fair and reasonable basis of attribution. Financial statements required from company B: sections IP 4 and IP 5 (3) For the purposes of this subpart, company B must provide the Commissioner with adequate financial statements under sections IP 4(2)(c) and IP 5(2)(c) relating to the common span, calculating the amount of the net income in the common span, determined on a fair and reasonable basis of attribution. Different balance dates (4) For the purposes of subsections (2) and (3), if the balance dates of company A and company B differ, the common span is taken as the period of time in the tax year in which the tax loss or loss balance is used— (a) that includes, but is not limited to, all or part of the tax year in which company A is in the same group of companies as company B; and (b) in which company A and company B are at all times part of the same group of companies; and (c) in which company A meets the continuity requirements of section IC 2(1) (Threshold levels for grouping tax losses in tax year). Applying provisions to part-year periods (5) In preparing the financial statements described in this section, the company must, to the extent possible, apply the provisions of this Act to the common span as if it were a tax year. Defined in this Act: amount , Commissioner , common span , company , continuity period , group of companies , loss balance , net income , notify , tax loss , tax loss component , tax year , Compare: 2004 No 35 ss IF 1(2), (3) , IG 2(4)(c), (d), (5)(c), (d), (10)