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Published on 22 Aug 13
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
With many entities having accrued tax losses over the past few years due to project life cycle factors and/or changing economic conditions, it is important to assess whether those losses remain available to be utilised against future profits. This paper focuses on the key testing requirements for utilising and carrying forward tax losses, including tips and traps for satisfaction of the various recoupment tests and other limitations. In particular, it examines:
carrying forward losses in companies and trusts
practical issues with satisfying the continuity of ownership test for both small and large businesses
satisfying the requirements of the same business test
other limitations and concessions with respect to deductibility of tax losses
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