On 6 April 2016, the Australian Treasury published exposure draft legislation that would allow businesses that have changed ownership to access past year tax losses if they satisfy a similar business test instead of the same business test. The same business test would still exist, but would be supplemented by the new similar business test to determine access to past losses and for certain other purposes where the same business test currently applies. Under the proposed similar business test, a company that has undergone a change of ownership or control may access losses from years preceding that change if its...