9 August 2021
If your business is a corporate tax entity (company, corporate limited partnership or public trading trust), you may be eligible to claim the loss carry back tax offset in your 2021 company tax return.
If you're eligible, you can carry back losses to certain earlier years where there was an income tax liability.
To complete your return you'll need to know:
Make sure you complete the additional loss carry back labels in your return which are listed in the Company tax return instructions for 2021.
Instead of carrying back a loss you may choose to carry it forward to use in a later income year. However, a loss can only be used once so make sure to keep accurate records.
Remember, registered tax agents and BAS agents can help you with your tax.
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