Section IQ 1 — Income Tax Act 2007: General treatment

IQ 1 General treatment General statement (1) For an amount of a person's attributed CFC net loss or FIF net loss to be carried forward to a tax year,— (a) the person, if a company, must meet the requirements of section IA 5 (Restrictions on companies’ loss balances carried forward); and (b) the amount must be used in the order required by section IA 9 (Ordering rules); and (c) the amount must be adjusted when required by section IA 10 (Amended assessments). When net losses arise (2) An attributed CFC net loss or a FIF net loss arises on the last day of the tax year in which the loss is attributed. Treatment of net losses by consolidated groups (3) If a consolidated group has an amount of attributed CFC net loss or FIF net loss, no part of the amount belongs to a company that is part of the consolidated group. Treatment of net losses on amalgamation (4) The treatment of tax losses, including amounts of attributed CFC net loss and FIF net loss, on the amalgamation of companies is dealt with under subpart IE (Treatment of tax losses on amalgamation of companies) and the provisions of this subpart do not apply. Defined in this Act: amalgamation , amount , attributed CFC net loss , company , consolidated group , FIF net loss , tax loss , tax year , Compare: 2004 No 35 ss IE 3(1) , IE 4(1) , IF 3 , IF 6 , IG 4(1) , IG 5(1) , IG 7(1) Section IQ 1(1): substituted (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 93(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).