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ATO clarifies business loss utilisation provisions under COVID-19
The Australian Taxation Office has warned businesses that impacts of COVID-19 may have resulted in changes affecting their ability to utilise carried-forward losses in the current or a future income year.
For companies to utilise their carried-forward losses in a particular year, they need to satisfy the continuity of ownership test, the ATO said in its latest business bulletin.
Read more at MyBusiness.
