Maurice and Janine own 80% and 20% of the shares in Loss Co respectively. The company incurs a tax loss of $120,000 for the year ended 31 March 2019. Maurice and Janine also hold 60% and 20% of the shares in Profit Co respectively. The remaining 20% of the shares are owned by Louisa. Profit Co derives net income of $150,000 for the year ended 31 March 2019. Both companies are tax resident and carrying on business in New Zealand. No shareholding changes have taken place in either company. Can the losses of Loss Co be offset against the net income of Profit Co for the year ended 31 March 2019?(NZ Income Tax Act 2007)