Does anyone know if it's possible to carry forward substantial losses made in a Pty Ltd company, where the business operations of the company changes substantially?
A partner has been involved in an unsuccessful company which has made substantial losses (don't ask). Partner thinks it could be an advantage to maintain the company, & carry forward the losses, & offset them against future profits (eg, wraps for example). The other alternative is formally wind up company & kiss losses goodbye.
I know one can carry forward losses in a company & then offset them against future profits, but does anyone know if this can be done if the business nature of the company changes substantially/completely?
A partner has been involved in an unsuccessful company which has made substantial losses (don't ask). Partner thinks it could be an advantage to maintain the company, & carry forward the losses, & offset them against future profits (eg, wraps for example). The other alternative is formally wind up company & kiss losses goodbye.
I know one can carry forward losses in a company & then offset them against future profits, but does anyone know if this can be done if the business nature of the company changes substantially/completely?