Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
IS 5: Petroleum miners’ tax losses
or “Petroleum miners' tax loss rules have been removed”
You could also call this:

“When a mineral mining company stops operating but still has a tax loss”

If you are a mineral miner and you have a loss balance that is carried forward to a tax year, but you stop being a mineral miner during or before the end of that tax year, you will still be treated as if you were a mineral miner for that tax year. This rule applies for the purposes of sections IS 1 and IS 2. Even though you have stopped being a mineral miner, the law will treat you as if you had continued to be one for that specific tax year.

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 It might be out of date or be missing some parts.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

Next up: IT 1: Cancellation of life insurer's policyholder net losses

or “Cancelling old tax losses for life insurance companies”
Next

Part I Treatment of tax losses
Mineral miners' and petroleum miners' tax losses

IS 6When company stops being mineral miner

  1. For the purposes of sections IS 1 and IS 2, if a mineral miner whose loss balance is carried forward to a tax year stops being a mineral miner at or before the end of the tax year, the mineral miner is nevertheless treated for the tax year as if it had continued as a mineral miner.

Compare
Notes
  • Section IS 6 heading: amended, on , by section 101(1) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
  • Section IS 6: amended, on , by section 101(2)(a) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
  • Section IS 6: amended, on , by section 101(2)(b) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
  • Section IS 6: amended, on , by section 101(2)(c) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
  • Section IS 6 list of defined terms mineral miner: inserted, on , by section 101(3)(b) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).
  • Section IS 6 list of defined terms mining company: repealed, on , by section 101(3)(a) of the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014 (2014 No 4).