Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 6   Extension of temporary loss carry back

Part 1   Main amendments

Income Tax Assessment Act 1997

14   After subsection 160-10(4)

Insert:

Income tax liability for the 2018-19, 2019-20 or 2020-21 income year already utilised - entitlement to loss carry back tax offset for 2022-23 income year

(4A) Subsection (4B) applies in relation to applying paragraph (2)(b) to work out the entity's *loss carry back tax offset component for the 2018-19, 2019-20 or 2020-21 income year (the gain year ) as part of working out the entity's entitlement to a *loss carry back tax offset for the 2022-23 income year.

(4B) Disregard so much of the entity's *income tax liability for the gain year as has previously been included (as part of working out the entity's entitlement to a *loss carry back tax offset for the 2020-21 or 2021-22 income year) in a *loss carry back tax offset component.