Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS  

Division 160 - Corporate loss carry back tax offset for 2020-21, 2021-22 or 2022-23 for businesses with turnover under $5 billion  

Subdivision 160-B - Loss carry back choice  

SECTION 160-20  

160-20   Entity must have had turnover less than $5 billion for loss year  


The entity cannot *carry back an amount of a *tax loss for an income year unless the entity:

(a)    was a *small business entity for the income year; or

(b)    would have been a small business entity for the income year if:


(i) each reference in Subdivision 328-C (about what is a small business entity) to $10 million were instead a reference to $5 billion; and

(ii) the reference in paragraph 328-110(5)(b) to a small business entity were instead a reference to an entity covered by this section.

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.