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 160-15   Loss carry back choice  

160-15(1)  
If the *current year is the 2020-21 or 2021-22 income year, the entity may make a loss carry back choice for the current year that specifies the following:

(a)  

if the current year is the 2021-22 income year:

(i) how much (expressed as a specified amount) of the entity ' s *tax loss (if any) for the 2021-22 income year is to be *carried back to the 2020-21 income year; and

(ii) how much (expressed as a specified amount) of the entity ' s tax loss (if any) for the 2021-22 income year is to be carried back to the 2019-20 income year; and

(iii) how much (expressed as a specified amount) of the entity ' s tax loss (if any) for the 2021-22 income year is to be carried back to the 2018-19 income year;

(b)  

in any case:

(i) how much (expressed as a specified amount) of the entity ' s tax loss (if any) for the 2020-21 income year is to be carried back to the 2019-20 income year; and

(i) how much (expressed as a specified amount) of the entity ' s tax loss (if any) for the 2020-21 income year is to be carried back to the 2018-19 income year;

(c)  

in any case - how much (expressed as a specified amount) of the entity ' s tax loss (if any) for the 2019-20 income year is to be carried back to the 2018-19 income year.

160-15(2)  
The choice under subsection (1) must be made in the *approved form by:

(a)  the day the entity lodges its *income tax return for the *current year; or

(b)  such later day as the Commissioner allows.


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