RTS Pty Ltd, a resident private company, was incorporated on 1 July 2018. From 1 July 2018 until 30 June 2020, it conducted a news agency business. The company incurred the following trading losses for tax purposes:

• $30,000—year ended 30 June 2019, and

• $40,000—year ended 30 June 2020.

In July 2020, the company discontinued its news agency business, restructured and acquired a family restaurant business. The company’s shareholdings of ordinary shares at the close of each financial year were as follows:

Shareholders	2019	2020		2021
	$		$ $
A	200	200		200
B	200	200		200
C	—	600		600
D	—	—		800
	400		1000 1800

For the tax year ended 30 June 2021, the company reported taxable income of $70,000.

Required:

Discuss the tax implications of the above events for RTS Pty Ltd. for the year ended 30 June 2021, citing relevant legislation and showing all calculations.