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  

Guide to Division 160  

SECTION 160-1   What this Division is about  


A corporate tax entity can choose to " carry back " a tax loss it had for 2019-20, 2020-21, 2021-22 or 2022-23 against the income tax liability it had for 2018-19, 2019-20, 2020-21 or 2021-22.

The entity gets a refundable tax offset for 2020-21, 2021-22 or 2022-23 that is a proxy for the tax the entity would save if it deducted the loss in the income year to which the loss is " carried back " .

The refundable tax offset:

  • (a) is capped at the entity ' s franking account balance; and
  • (b) is only available for losses for years for which the entity ' s turnover was less than $5 billion.

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