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IW 1: Shortfall penalties
or “Using tax losses to pay penalties for underpaid income tax”
You could also call this:

“Rules for using specific business losses no longer apply”

You used to be able to use specified activity net losses in a certain way, but this rule no longer applies. The government removed this rule on 1 April 2018. If you want to know more about how tax losses are treated now, you should look at other parts of the Income Tax Act 2007.

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Next up: IZ 2: Petroleum mining companies: treatment of payments from shareholders

or “Rules for shareholder payments to oil companies no longer apply”
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Part I Treatment of tax losses
Terminating provisions

IZ 1Use of specified activity net losses (Repealed)

    Notes
    • Section IZ 1: repealed, on , by section 149(1) (and see section 149(2) for application) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 (2018 No 5).