Merko Pty Ltd (Merko) is a resident company that was established on 1 July 2020. Merko has provided the following information about its shareholders and taxable income (or loss) for three income years: All changes in ownership occurred on 1 July of the relevant income year. Assume that Merko does not satisfy the business continuity test. Required Advise Merko whether it can offset the tax losses it carried forward from the income years ended 30 June 2021 and 2022 against its taxable income in the income year ended 30 June 2023. Explain your answer and show all workings where necessary