11.12 Flavours of Italy Pty Ltd is a resident Australian private company, incorporated on 1 July 2021. At that time, it had two shareholders, namely: . Mario: 100 shares . Luciano: 100 shares. From 1 July 2021 to 30 June 2022, the company operated an Italian restaurant in Melbourne. For the year ended 30 June 2022, the company incurred a trading loss of $40 000. For the year ended 30 June 2023, the company incurred a trading loss of $60 000. For the year ended 30 June 2024, the company derived a taxable income of $75 000. On 1 July 2023, the company sold its Italian restaurant business and acquired a travel agency. The company's shareholding of ordinary shares at 30 June each year is shown as follows. Shareholder 30 June 2022 30 June 2023 30 June 2024 Mario 100 shares 100 shares 100 shares Luciano 100 shares 100 shares 100 shares Emily 300 shares* 300 shares Charlotte 400 shares* * Total 200 shares 500 shares 900 shares Taxable income/(loss) ($40 000) ($60 000) $75 000 *Assume that Emily acquired her 300 shares in the company on 1 July 2022. ** Assume that Charlotte acquired her 400 shares in the company on 1 July 2023. Required Is the company able to use its tax losses incurred in the 2022 and 2023 income years when calculating its taxable income for the year ended 30 June 2024