As announced in the 2020/2021 Federal Budget, legislation has now passed to allow eligible corporate entities (i.e., with, amongst other things, an aggregated turnover of less than $5 billion) a 12-month extension to claim a loss carry-back tax offset in the 2023 income year.
The temporary loss carry-back rules were initially implemented in 2020 to promote economic recovery by providing cash flow support to previously profitable companies that fell into a tax loss position due to the COVID-19 pandemic.
The law allows eligible companies to carry-back tax losses from 2020, 2021, 2022 and now the 2023 income year to previously-taxed profits in the 2019 or later income years.
A company that does not elect to carry back losses under this temporary (yet extended) measure is still eligible to carry losses forward as usual.
—
If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.
With three offices across Western Australia and over 20 years of experience, Muntz Partners is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice.
Recent Posts
Recent Comments
- Jonathan Bill Kueh on ATO support for businesses in difficult times
- Chloe on COVID 19 Update: Job Keeper Payment Announcement
- Donna on COVID 19 Update: Job Keeper Payment Announcement
- peter jack on COVID 19 Update: Job Keeper Payment Announcement
- Matt on COVID 19 Update: Job Keeper Payment Announcement
Archives
- April 2024
- March 2024
- February 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- December 2019
- November 2019
- October 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- February 2019