Income Tax Act 2007

Treatment of tax losses - General rules for tax losses

IA 1: What this subpart does

You could also call this:

“This subpart outlines how tax losses connect to other parts of the Income Tax Act and sets up basic rules for using them.”

This part of the law explains what it does. It has two main purposes:

  1. It tells you how this part of the law connects to other parts. It explains how the main rules of the Income Tax Act work with this part and other parts that let you use a tax loss.

  2. It sets up the basic rules for using a tax loss.

When we say “tax loss”, we mean when you owe less tax than you’ve paid or when your expenses are more than your income.

This part of the law is important because it helps you understand how to use a tax loss and how different parts of the tax law work together.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1517685.

Topics:
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IA 2: Tax losses, or

“How your total tax loss is calculated and what it includes”

Part I Treatment of tax losses
General rules for tax losses

IA 1What this subpart does

  1. This subpart—

  2. defines the relationship between the core provisions of this Act, the provisions of this Part, and other provisions in this Act that allow a person with a tax loss to use the amount of the loss; and
    1. establishes the general rules for using a tax loss.
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