Show download pdf controls
  • How to claim temporary full expensing and loss carry back this tax time

    Temporary full expensing and loss carry back are two JobMaker Plan temporary measures you may be eligible to claim for your business in your 2020-21 tax return.

    To claim, or opt-out of, temporary full expensing or claim loss carry back you will need to complete additional labels in your tax return.

    Temporary full expensing

    You'll need to include:

    • whether you are making a choice to opt-out of temporary full expensing for some, or all of, your eligible assets
    • the number of assets you are claiming or opting-out for
    • the value of the assets (if applicable)
    • the total amount of your temporary full expensing deduction
    • whether you are using the alternative income test (corporate entities)
    • information about your aggregated turnover.

    Loss carry back

    Eligible corporate entities (companies, corporate limited partnership or public trading trust) will need to provide the information to make their choice to carry back losses, confirm eligibility, and calculate the refundable tax offset being claimed.

    This includes information such as:

    • your opening and closing franking account balance
    • your aggregated turnover for each loss year
    • the amounts of your tax losses that you are carrying back.

    You can start preparing early by reviewing:

    • the information you will need to determine your aggregated turnover
    • your franking account.

    Our website has information about how to check your eligibility and complete your claims.

    See also:

    Last modified: 31 Mar 2021QC 65189