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

• $15,000 year ended 30 June 2019; and
• $25,000 year ended 30 June 2020.

In July 2020, the company discontinued its travel agency business, restructured and acquired a hotel-motel operation. The companys shareholdings of ordinary shares at the close of each financial year were as follows:

Shareholders	2019	2020	2021
	$	$	$
A	100	100	100
B	100	100	100
C	-	200	200
D	-	-	300
	200	400	700

For the income year ended 30 June 2021, the company reported taxable income of $20,000 before deducting any tax losses of earlier years.

Required:

1. Explain whether the company can deduct the 2019 tax loss in 2020?
2. Explain whether the company can deduct the 2020 tax loss in 2021?
3. Calculate the taxable income and carry forward tax losses in 2021.