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Don’t lose your losses

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Published on 01 Jul 21 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

In tough economic times, it provides some (albeit small) comfort to know that any losses incurred by businesses can be used to offset income in other periods. However, with business restructures and changes of ownership, many companies and other entities will find themselves unable to claim the losses. Care needs to be taken when planning changes to businesses in order to ensure that the losses are maintained. This article considers how a business utilises losses, and, in particular, considers: the continuity
of ownership test and the business continuity test rules; the interplay with the tax consolidation rules; the new loss carry back rules; and valid strategies to maintain and utilise losses.

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Sarah Saville
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Roop Sangha
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