The Issues Log

Section / Provision Income Tax Act 2007

Section / Provision Income Tax Act 2004

Date Received

This submission sets out what we view as an unintended law change resulting from the enactment of section IP 5 in the Income Tax Act 2007 ("2007 Act").  The change in law arises from the redraft of section IG 2(5) in the Income Tax Act 2004 ("2004 Act"), relating to the ability to group losses carried forward to a year in which either continuity of ownership or commonality of ownership requirements are breached.

The Panel concludes there is an unintended legislative

change arising in respect of section IP 5(2) of

the Income Tax Act 2007 and the Income Tax Act be

amended retrospectively.

These provisions are being reviewed by Policy Advice as a priority.