Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Treatment of tax losses - Meeting requirements for part-years

IP 7: Notices required

You could also call this:

“Companies must notify the government about using tax losses by the tax return due date”

If you’re a company dealing with tax losses, you need to tell the government about it. You must let the Commissioner know if you want to use your tax loss or loss balance in a certain way. You have to do this by your extended return date.

The extended return date is when you need to file your tax return. Sometimes, the Commissioner might give you more time to do this. If they do, you can use that later date instead.

You can find more information about when you need to pay and notify the Commissioner in section IC 9. This section explains what the extended return date means in more detail.

Remember, it’s important to let the government know about your plans for tax losses on time. If you don’t, you might not be able to use them in the way you want.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1517797.

Topics:
Money and consumer rights > Taxes
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“When you need to provide financial statements for tax loss purposes”

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Part I Treatment of tax losses
Meeting requirements for part-years

IP 7Notices required

  1. In sections IP 4(2)(d) and IP 5(2)(d), company A must notify the Commissioner by its extended return date that it intends to treat a tax loss or loss balance in the way described in the relevant section.

  2. In subsection (1), extended return date has the meaning set out in section IC 9 (Date for payment and notice to Commissioner), and includes a later date allowed by the Commissioner.

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