Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 (92 of 2020)
Schedule 2 Temporary loss carry back
Part 3 Consequential amendments
Income Tax Assessment Act 1997
24 At the end of Subdivision 195-A
Add:
Working out a PDF's loss carry back tax offset
195-37 PDF cannot carry back tax loss
A company that:
(a) has a *tax loss for an income year; and
(b) is a *PDF at the end of the income year;
cannot *carry back the loss to an earlier income year for the purposes of working out the amount of the company's *loss carry back tax offset for the 2020-21 or 2021-22 income year (the offset year ) unless the company is a PDF throughout the earlier income year and the offset year.