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On 1 July 2019, Happy Pty Ltd was owned by the following shareholders: ...

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Accounting

On 1 July 2019, Happy Pty Ltd was owned by the following shareholders:
Patrick -40%
Trudy -25%
Bob -20%
Li -15%
on 18th August 2020, Patrick sold his shares in Happy Pty Ltd to a third party.
Does Happy Pty Ltd satisfy the continuity of ownership test when the losses are utilised on 30 June 2021? If the continuity of ownership test is passed, does the entity need to consider the same business test?

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