Building strong base ... 35+ Starts breakout (I hope), page-54

Offsetting a tax loss against the enterprise value to get a net amount is incorrect. Any tax loss is on no value to the company until the company makes a profit; without profits they are only worth whatever a potential buyer of the company values them at. The maximum value of a tax credit (to a buyer) is the profits tax (current headline rate 30%) the company would potentially pay on those profits (which is usually a lot less than the headline rate given that accountants get up to a lot of legal tricks to minimize the impact of tax on company profits (e.g depreciation and amortization).

Any tax paid on Australian profits paid as dividends to domestic shareholders (and foreign shareholders who transact through an Australian based subsidiary) carry a franking credit which is worth something to that shareholder. Offsetting a future profit against historic tax loss means that there is no tax paid on the dividend by the company and consequently no franking credit is allowable on a dividend paid to the shareholder. If the company retains the profit then these (retained) profits can be offset against company tax up to the amount of the tax loss retained by the company but that means the company retains the profit rather than paying it out. Unfranked dividends are worth a lot less to shareholders receiving that dividend.