QUESTION 4.7 (Tax losses, exempt income) Ratchett Automotive Pty Lto is a private company which incorporated in 2016 and operated a car dealership. The company has had the following results for the past four years: Tax Year Taxable Income (Loss) 2016/17 $ (120,000) 2017/18 (74,000) 2018/19 (29,000) 2019/20 227,000 Note - the above figures comprise only assessable income and deductions (excluding losses of previous years). On 1 August 2017, 60% of the company's shares changed ownership. On 27 June 2018, the company purchased and began operating a Starvin' Sam fast food outlet. As the company employs and trains several trainees, they have received government subsidies of $12,000 during each tax year, These are treated as exempt income. Can the company utilise any of its tax losses against its 2019/20 taxable income