Section IZ 6 — Income Tax Act 2007: Companies’ tax losses for 1990–91 and 1991–92 tax years

IZ 6 Companies’ tax losses for 1990–91 and 1991–92 tax years When this section applies (1) This section applies to a company that has a tax loss for the 1990–91 or 1991–92 tax year and section 188(7B) of the Income Tax Act 1976 would not have applied to prevent some or all of the tax loss being carried forward if regard were had to only part of the relevant tax year. Part-year tax losses carried forward (2) Section 188(7B) does not apply to prevent the part of the tax loss attributable to the relevant part-period being carried forward under section 188(2). Financial statements (3) For the purposes of subsection (2), the company must provide the Commissioner with adequate financial statements relating to the relevant part-period that disclose the amount that would be the tax loss for the relevant part of the tax year, on a fair and reasonable basis of attribution. Application of subsection (7B) (4) In subsection (1), the reference to subsection (7B) applies to the extent to which regard was required to be had to that part of the period starting with 8.00 pm New Zealand Standard Time on 30 July 1991 which falls within the tax year in which the tax loss component arises, and without prejudice to the application of that subsection to the extent to which it required regard to be had to later periods. Defined in this Act: amount , Commissioner , company , tax loss , tax loss component , tax year , Compare: 2004 No 35 s IF 2