Section LK 5 — Income Tax Act 2007: Companies’ credits carried forward

LK 5 Companies’ credits carried forward Company carrying credit forward (1) A tax credit carried forward under section LK 4 may be carried forward to a later tax year only if, by treating the credit as a tax loss component to which sections IA 2 to IA 10 (which relate to the treatment of tax losses) apply, those sections would allow the amount to be carried forward. Timing (2) For the purposes of this section, the credit is treated as a tax loss component arising on the last day of the income year corresponding to the tax year for which the person has the credit. Defined in this Act: amount , company , corresponding income year , tax credit , tax loss component , tax year , Compare: 2004 No 35 s LC 4(4)–(6)