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  • Temporary full expensing and loss carry back tips

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    20 April 2021

    You may have heard that the temporary full expensing and loss carry back measures can support your business.

    Our website has useful information about how to claim or opt out of temporary full expensing or claim loss carry back.

    You can start preparing now so you have the information you need to include in your 2020-21 tax return.

    For temporary full expensing, you'll need to include:

    • whether you're opting out of temporary full expensing for some or all of your eligible assets
    • the number and value of assets you're opting out for
    • the number and value of the assets you're claiming
    • aggregated turnover for the year of claim.

    For loss carry back, you’ll need to have information such as:

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

    Remember, registered tax agents and BAS agents can help you with your tax.

    Find out about:

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