The Australian Taxation Office (ATO) recently published guidance on claiming the loss carry back tax offset, including a series of yes/no questions for determining eligibility. As previously reported, the offset relief allows businesses with turnover up to AUD 5 billion to carry back losses incurred in 2019–20 (2020), 2020–21 (2021), and/or 2021–22 (2022).
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Claiming the loss carry back tax offset
If you are an eligible corporate entity, loss carry back gives you a refundable tax offse…