Hi there, i wanted to clarify one point around the conversion of excess franking offsets into tax losses.
ATO:
"a corporate tax entity doesn't lose these excess franking tax offsets, but can convert the excess franking offsets to an equivalent tax loss. The converted tax loss is then aggregated with any current year tax losses. These current year losses are carried forward to future years along with any other prior year losses."
In the case that there are NO current year tax losses to aggregate the excess franking offsets with. In fact the opposite is true in our case we have a tax profit (positive taxable income) but have excess franking offsets available to convert.
Thus when aggregating these, do i just assume current year tax losses as 0 in that calculation and move onto the next step?
Thank you
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