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 160-25   Entity must have been a corporate tax entity during relevant years  

160-25(1)    
If the *current year is the 2020-21 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

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

Note:

The entity must be a corporate tax entity throughout 2020-21: see paragraph 160-5(b) .

160-25(2)    
If the *current year is the 2021-22 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

(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

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

Note:

The entity must be a corporate tax entity throughout 2021-22: see paragraph 160-5(b) .

160-25(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) .