Section IZ 4 — Income Tax Act 2007: Tax losses for tax years before 1977–78 tax year

IZ 4 Tax losses for tax years before 1977–78 tax year A person’s loss balance for a tax year before the 1977–78 tax year is carried forward and may be used under section IA 4 (Using loss balances carried forward to tax year) if the person would have been entitled to have the tax loss carried forward for the purpose of assessing income tax under section 137 of the Land and Income Tax Act 1954 if the Income Tax Act 1976, the Income Tax Act 1994, the Income Tax Act 2004 , and this Act had not been passed. Defined in this Act: assessment , loss balance , tax loss , tax year , Compare: 2004 No 35 s IF 1(5)