• Better advice - connecting you with the right industry expert
  • Better advice, Better decisions
Mario G.
Mario G.
Haberfield, NSW
1 Likes
0 Followers
Q:

I have tax losses from a previous business and about to set up a company with a new partner. Can I transfer the tax losses across to the new company?

3 weeks ago

Responses

nope.

if your losses are in another entity then they are stuck there. If your losses are personal (eg sole trader) then you can apply those losses to income you earn from your new business.

cheers
bc

Speak to your accountant before setting up the structure (maybe get advice from them on the structure as well).

Agree with BC above.

Hi Mario,
Speak with your accountant before you set up the company. There are ways to re-structure the existing entity that could possibly allow the losses to be carried forward. If it is a new entity you simply can’t do it.
Best of luck
Scott

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>