Ann: Cirralto to Acquire E-Commerce Company Greenshoots, page-179

You would have needed to satisfy the same business test or similar business test: From the ATO:

Companies can carry forward a tax loss indefinitely, and use it when they choose, provided they have maintained the same majority ownership and control. If there is a change of at least 50% in the ownership or control of a company, the company needs to satisfy the:

• same business test, or
• similar business test, which applies to losses incurred in an income year beginning on or after 1 July 2015.

For guidance on the same business test and similar business test, see Taxation Ruling TR 1999/9 and Law Companion Ruling LCR 2019/1.

A company that has not maintained the same majority ownership will not be able to use its carried-forward tax losses if it has closed its business completely (e.g. discontinued the business previously carried on and has no intention to resume). This is because it will fail the same business test and similar business test.

If a company is still carrying on its business, it will not fail the same business test or similar business test merely because it has:

• reduced the scale of its business, including if its activities have reduced to a minimum or are almost entirely suspended
• suspended or temporarily closed its business only because of temporary adversity or due to reasons beyond its control which it intends to overcome.

In determining whether a company's business is still being carried on the following must be considered:

• reasons for the inactivity– for example, whether the company is actively holding itself out for business though obtaining none, and
• whether there is the expectation of resuming active operations within a reasonable time.

https://www.ato.gov.au/general/losses/how-to-claim-a-tax-loss/?anchor=companies#companies