Which of the following statements in relation to company losses is most CORRECT?

Question $19$Select one:

A company can distribute its ordinary losses to shareholders, provided they are first offset against exempt income.

A company can carry forward losses indefinitely $($provided they were incurred after $1$ July $1989)$ and recoup them in later years against the company$$s assessable income.

Companies can elect to offset any carried forward losses against current year assessable income before they are offset against current year exempt income.

Since the $1989/90$ financial year, companies can now carry forward losses for a period of seven years.