Philomena Ltd is established on 1 April 2012 with the following shareholders all with ordinary shares:

A 50%

B 50%

Philomena Limited only incurs losses and so after a couple of years, the shareholders are looking for an additional investor and they find C who is willing to invest in exchange for an equal shareholding. From 26 May 2015, the shareholding is:

A 33 1/3%

B 33 1/3%

C 33 1/3%

The company continues to make losses and A decides she wants to sell her shareholding to D and exit the business. From 16 September 2018, the shareholding is:

A 0%

B 33 1/3%

C 33 1/3%

D 33 1/3%

At what date are the losses incurred in the year to 31 March 2015 no longer able to be carried forward for use against profits of the company?

in NZ