Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 160 - Corporate loss carry back tax offset for 2020-21 or 2021-22 for businesses with turnover under $5 billion  

Subdivision 160-B - Loss carry back choice  

SECTION 160-20   160-20   Entity must have had turnover less than $5 billion for loss year  


The entity cannot *carry back an amount of a *tax loss for an income year unless the entity:

(a)  was a *small business entity for the income year; or

(b)  would have been a small business entity for the income year if:


(i) each reference in Subdivision 328-C (about what is a small business entity) to $10 million were instead a reference to $5 billion; and

(ii) the reference in paragraph 328-110(5)(b) to a small business entity were instead a reference to an entity covered by this section.

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