SCHEDULES
SCHEDULE 1Abolition of basis periods
PART 3Amendments of other Acts
43Income Tax Act 2007
1
Section 70 (determining losses in previous tax years) is amended as follows.
2
Omit subsection (2).
3
In subsection (3), in the words before paragraph (a), for “This loss” substitute “The loss”
.
4
In subsection (4), in the words after paragraph (b)—
a
for “203(2)”, in both places, substitute “7A(2)”
;
b
omit “to basis periods are read as references to tax years and references”.
5
In subsection (5), for “203(3) or (4)” substitute “7A(3) or (4)”
.