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Income Tax Act 2007

Treatment of tax losses - Terminating provisions

IZ 4: Tax losses for tax years before 1977–78 tax year

You could also call this:

“Older tax losses from before 1977-78 can still be used today”

If you had a tax loss before the 1977-78 tax year, you can still use it today under [section IA 4]. You can do this if you would have been allowed to carry forward the tax loss under section 137 of the Land and Income Tax Act 1954. This is true even though new tax laws have been made since then. These new laws include the Income Tax Act 1976, the Income Tax Act 1994, the [Income Tax Act 2004], and the current Income Tax Act. So, if your old tax loss would have been valid under the old rules, you can still use it now.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1517883.

Topics:
Money and consumer rights > Taxes
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IZ 5: Companies’ tax losses for tax years before 1991–92 tax year, or

“How companies can use tax losses from before 1991-92”

Part I Treatment of tax losses
Terminating provisions

IZ 4Tax losses for tax years before 1977–78 tax year

  1. A person’s loss balance for a tax year before the 1977–78 tax year is carried forward and may be used under section IA 4 (Using loss balances carried forward to tax year) if the person would have been entitled to have the tax loss carried forward for the purpose of assessing income tax under section 137 of the Land and Income Tax Act 1954 if the Income Tax Act 1976, the Income Tax Act 1994, the Income Tax Act 2004, and this Act had not been passed.

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