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  • Loss carry back refundable tax offset

    Loss carry back is a tax incentive and part of the government's JobMaker Plan. Loss carry back is a refundable tax offset for eligible corporate entities (companies, corporate limited partnerships and public trading trusts). It allows them to carry back tax losses from the 2019–20, 2020–21 or 2021–22 income years to offset income tax liabilities in the 2018–19 income year or later.

    You cannot claim the tax offset in your 2019–20 company tax return. You will be able to claim the tax offset in your 2020–21 or 2021–22 company tax return.

    We're updating the 2020-21 company tax return forms with additional loss carry back labels to be ready for 1 July 2021.

    We are working through how companies that lodge their 2020–21 company tax return before 1 July 2021 can make a loss carry back claim. We will update our web content and give you information on how to claim.

    Loss carry back is intended to interact with the temporary full expensing measure. If you are an eligible corporate entity and you make a tax loss in the 2019–20, 2020–21 or 2021–22 income years as a result of claiming an immediate deduction under the temporary full expensing measure, you can still claim a refundable tax offset.

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    Last modified: 16 Dec 2020QC 64435