Ken Marsden began his business, "Marsden Consulting Pty Ltd", in the 2014 tax year, after being made reduntant from his management role. He has successfully built up his business helping new and established businesses ensure they meet appropriate accreditation requirements to provide servies and advice. Despite this, in the first few years the business builty up some losses.

In the 2016 tax year, Lena joined the business to expand the capacity for assessment, however she did not work full time due to family commitments.

After contemplating the benefits of expanding the busienss into other areas, in the 2018 tax year Ken began a town planning degree. Lena took on a greater share of the business at this time, to reflect her continued commitement to the business. Luke, an experienced trainer, joined the business in the 2020 tax year, which allowed the business to expand into continued professional development. At this time, however, due to it being a small portion of the business' activities, Luke's ownership share was kept to 10%. Ken completed his degree in the 2021 tax year, at whch time the Luke's workload was becoming increasingly important to the busienss and a further ownership change occurred.

The table below outlines the ownership share between each party and associated taxable income (lossess) for each period.

	2014	2015	2016	2017	2018	2019	2020	2021
Ken	100	100	70	70	65	65	55	45
Lena	-	-	30	30	35	35	35	35
Luke	-	-	-	-	-	-	10	20
Total Ownership	100	100	100	100	100	100	100	100
Tax Loss ($)	15,000	7,000	5,000	3,000	1,000
Tax Income ($)						3,000	15,000	25,000

REQUIRED:

Advise Marsden Consulting Pty Ltd as to whether it can use the carry forward losses against its taxable income in the current tax year.

You are required to include references to appropriate legislation, case law and tax rulings. DISREGARD GST