“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.
IZ 2: Petroleum mining companies: treatment of payments from shareholders, or
“Rules for shareholder payments to oil companies no longer apply”
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IZ 1Use of specified activity net losses (Repealed)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Section IZ 1: repealed, on , by section 149(1) (and see section 149(2) for application) of the Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial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).
