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)”.