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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