Accident Compensation Act 2001

169A Limit on offsets in case of earnings as self-employed person

(1)

In determining a person’s earnings as a self-employed person, no offset may be allowed for the amount of—

(a)

any net loss of the person for an earlier tax year that might otherwise be offset by the person under sections IA 1 to IA 4, IA 7(9) and IA 9 of the Income Tax Act 2007; or

(b)

any part of the net loss of a loss attributing qualifying company (as defined in section YA 1 of the Income Tax Act 2007) attributable to the person as a shareholder of that company under sections HA 20, HA 24, HA 26, HA 27, and IA 7(2) of the Income Tax Act 2007.

(2)

If the result of the calculation of a person’s earnings as a self-employed person is a negative amount and the person also derives earnings as an employee, the person’s earnings as an employee must not be reduced by the negative amount.

Section 169A: inserted, on 1 April 2007, by section 7 of the Injury Prevention, Rehabilitation, and Compensation Amendment Act 2007 (2007 No 8).

Section 169A(1)(a): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).

Section 169A(1)(b): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).