ATO Publishes Guidance on Loss Carry Back Offset Relief

The Australian Taxation Office (ATO) published guidance on the loss carry back offset relief introduced as part of measures for the 2020-21 Budget. As previously reported, the relief allows businesses with turnover up to AUD 5 billion to carry back losses incurred in 2019–20, 2020–21, and/or 2021–22 against profits made in or after 2018-19, with the option of electing to receive a tax refund when lodging the 2020-21 and 2021-22 tax returns. The following is a release from the ATO published o…