| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1052130362580
Date of advice: 29 June 2023
Ruling
Subject: Loss carry back tax offset
Question
Am I eligible to utilise the loss carry back tax offset for the 2021-22 financial year?
Answer
Yes. Having considered your circumstances and the relevant facts it is accepted that you meet the criteria set out to be eligible to carry back losses and claim the tax offset for the 2021-22 financial year. Further information on eligibility for the tax offset can be found by searching 'QC66107 ' on ato.gov.au.
This ruling applies for the following period:
Year ended 30 June 2022
The scheme commenced on:
1 July 2021
Relevant facts and circumstances
You are a company.
You are considered to be a small entity from 1 July 2018 through to 30 June 2022.
You have a turnover under $X billion from 1 July 2018 through to 30 June 2022.
You have a tax loss for the 2021-22 financial year.
The tax loss is a result of large asset purchases which were than written off under temporary full expensing rules.
You have a tax liability for a previous financial year.
You have lodged your company tax return for the 2021-22 financial year as well as the previous 5 income years.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 160-5
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
