There are also special rules when it comes to commencement situations that may save you tax. These rules are quite complex. To summarise: If the actual profits for 2008 (calendar year) are lower than the profits to 28.2.08 then the difference can be used to reduce your 2009 assessable profit. If there are insufficient profits in 2009 to absorb this then the loss can be carried forwarded to subsequent years.
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