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Tax losses: Using them, not losing them paper

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
  • proposed loss carry-back measures.

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Natasha McCarthy
Current at 20 June 2016 Click here to expand/collapse more articles by Natasha McCarthy.
 

 

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