Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the "same business" test.

The same business test is relevant in a number of contexts, but most particularly in determining if a company is eligible to claim deductions for past year losses, current year losses and bad debts, and to determine if the existence of unrealised losses may affect future deductions and offsets that may be otherwise available.  The need to satisfy the same business test h...