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

18   At the end of section 160-25 (after the note)

Add:

(3) If the *current year is the 2022-23 income year:

(a) the entity cannot *carry back an amount of a *tax loss to the 2018-19 income year unless the entity was a *corporate tax entity throughout:

(i) the 2018-19 income year (disregarding any period when the entity was not in existence); and

(ii) the 2019-20 income year; and

(iii) the 2020-21 income year; and

(iv) the 2021-22 income year; and

(b) the entity cannot carry back an amount of a tax loss to the 2019-20 income year unless the entity was a corporate tax entity throughout:

(i) the 2019-20 income year (disregarding any period when the entity was not in existence); and

(ii) the 2020-21 income year; and

(iii) the 2021-22 income year; and

(c) the entity cannot carry back an amount of a tax loss to the 2020-21 income year unless the entity was a corporate tax entity throughout:

(i) the 2020-21 income year (disregarding any period when the entity was not in existence); and

(ii) the 2021-22 income year; and

(d) the entity cannot carry back an amount of a tax loss to the 2021-22 income year unless the entity was a corporate tax entity throughout the 2021-22 income year (disregarding any period when the entity was not in existence).

Note: The entity must be a corporate tax entity throughout 2022-23: see paragraph 160-5(b).