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, 2021-22 or 2022-23 for businesses with turnover under $5 billion  

Subdivision 160-A - Entitlement to and amount of loss carry back tax offset  

SECTION 160-5   160-5   Entitlement to loss carry back tax offset  


An entity is entitled to a *tax offset (the loss carry back tax offset ) for the *current year if the following conditions are satisfied:

(a)  

the current year is:

(i) the 2020-21 income year; or

(ii) the 2021-22 income year; or

(iii) the 2022-23 income year;

(b)  the entity is a *corporate tax entity throughout the current year;

Note:

See also section 160-25 .

(c)  

any or all of the following income years were *loss years:

(i) the 2019-20 income year;

(ii) the 2020-21 income year;

(iii) if the current year is the 2021-22 income year - the 2021-22 income year;

(iv) if the current year is the 2022-23 income year - the 2022-23 income year or the 2021-22 income year;

(d)  

the entity had an *income tax liability for any or all of the following income years:

(i) the 2018-19 income year;

(ii) the 2019-20 income year;

(iii) if the current year is the 2021-22 income year and the 2021-22 income year was a loss year - the 2020-21 income year;

(iv) if the current year is the 2022-23 income year and the 2022-23 income year was a loss year - the 2021-22 income year or the 2020-21 income year;

(v) if the current year is the 2022-23 income year and the 2021-22 income year was a loss year - the 2020-21 income year;

(e)  any of the following requirements are satisfied for the current year and each of the 5 income years before the current year:


(i) the entity has lodged its *income tax return for the year;

(ii) the entity was not required to lodge an income tax return for the year;

(iii) the Commissioner has made an assessment of the entity ' s income tax for the year;

(f)  the entity makes a *loss carry back choice for the current year in accordance with Subdivision 160-B .

Note 1:

The entity can be entitled to only one loss carry back tax offset for 2020-21. However, that offset has 2 components: one relating to 2018-19 and one relating to 2019-20: see section 160-10 .

Note 2:

The entity can be entitled to only one loss carry back tax offset for 2021-22. However, that offset has 3 components: one relating to 2018-19, one relating to 2019-20 and one relating to 2020-21: see section 160-10 .

Note 2A:

The entity can be entitled to only one loss carry back tax offset for 2022-23. However, that offset has 4 components: one relating to 2018-19, one relating to 2019-20, one relating to 2020-21 and one relating to 2021-22: see section 160-10 .

Note 3:

The loss carry back tax offset is a refundable tax offset: see section 67-23 .


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