The Issues Log

Section / Provision Income Tax Act 2007

Section / Provision Income Tax Act 2004

Date Received

The formula for calculating a person's notional income tax liability in section LJ 5(5) of the 2007 Act is not the same as the formula for calculating that amount under the 2004 Act.  In particular, the word losses in section LJ 5(6) either refers to no losses at all, or to a much smaller class of losses than the net losses referred to in section LC 14(4) of the 2007 Act.

A cross-referencing error arises in respect of s. LJ 5(6)(b), where it refers to section IA 3.

The Income Tax Act 2007 to be amended retrospectively.