Now that Australia has joined the rest of the world in recession, losses are becoming an increasing reality for many taxpayers. With our clients' ever increasing ties offshore we as practitioners need to be abreast of the rules relating to domestic losses, together with the new Foreign Income Tax Offset and Losses Regime.
This event revisited the two threshold tests for recouping prior period domestic losses and updated them for recent developments, whilst also looking at maximizing the benefits and managing the risks from 1 July 2008 relating to foreign taxes and foreign losses.