The Australian Taxation Office (ATO) has published updated guidance on how to claim a tax loss, including in relation to the impacts of the COVID-19 pandemic. With respect to companies, the updated guidance provides the following:
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Companies
Companies can carry forward a tax loss indefinitely, and use it when they choose, provided they have maintained the same majority ownership and control. If there is a change of at least 50% in the ownership or control of a company, the company ne…