These instructions will help you complete the Loss carry back change in choice schedule 2021.
Introduction
These instructions will help you complete the Loss carry back change in choice schedule 2021, which is necessary to change your loss carry back choice for the 2020–21 income year and amend item 13 of your Company tax return 2021. For more information on loss carry back tax offset, see Loss carry back tax offset.
You can use the loss carry back tax offset tool to calculate the maximum tax offset amount you can choose to claim.
When we refer to ‘you’ in these instructions, we are referring to the person responsible for completing the Loss carry back change in choice schedule 2021.
These instructions are not a guide to income tax law. You can ask for help from us or a recognised tax adviser if you feel these instructions don’t fully cover your circumstances.
Who needs to complete the schedule?
To change the original loss carry back choice you made for the 2020–21 income year, you need to complete a Loss carry back change in choice schedule 2021 and lodge it with your amendment request for your Company tax return 2021.
You cannot use this schedule to change an amount of tax loss that you chose to carry back if that specified amount of tax loss exceeded the amount of unutilised tax losses for that income year. See our guidance on how to contact us in this situation.
Continue to: Completing the loss carry back change in choice schedule