MasterNuggets with Meng: Lessons in Losses

Learn the key tests a company must pass to deduct prior year tax losses and maximise future tax savings.

In this session, we cover:

• Case study on Brooke’s business adventures

• Continuity of Ownership test

  • Ownership test period

• Business Continuity test

• Same Business test

• Similar Business test

  • LCR 2019/1

• Offsetting business loss against other income

  • Non-commercial loss rules - Division 35 of ITAA97

  • Income requirement

  • Four key tests

    • Assessable income test

    • Profit test

    • Real property test

    • Other assets test

  • TR 2003/3

Date recorded: 18 August 2025