Global Ltd was incorporated in New Zealand and commenced trading on 1 April 2019 and has a March balance date. At the time Global Ltd was incorporated, its shares were held by Carlos (70%) and Rob (30%). On 30 September 2019, Rob purchased 60% Carlos ’s shares from him, and now holds 90% of the shares in the company. In the 2019/20 income year, Global Ltd incurred a total tax loss of $50,000. Of that total amount, Rob has calculated that Global Ltd earned a taxable profit of $10,000 prior to 30 September 2019 (the date of the shareholding change) and incurred losses of $60,000 after the change in shareholding. In the 2020/21 income year, Global Ltd derives taxable income of $70,000.
Required:
What amount of tax losses, if any, can Global Ltd carry forward to offset against its 2020/21 income and what are the statutory requirements?