The Australian Taxation Office (ATO) has announced that Treasury Laws Amendment (2021 Measures No. 5) Act 2021 has received royal assent, allowing corporate tax entities to make a change to a loss carry back choice. In relation to this, the ATO has published updated guidance on the Loss carry back tax offset, including that an entity wanting to change a loss carry back choice must notify the ATO using an approved form.
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Loss carry back tax offset
Loss carry back provides a refundable…