Income Tax Assessment Act 1997
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Hide history noteAn entity is entitled to a *tax offset (the loss carry back tax offset ) for the *current year if the following conditions are satisfied: (a) the current year is:
(i) the 2020-21 income year; or
(ii) the 2021-22 income year; or
(b) the entity is a *corporate tax entity throughout the current year;
(iii) the 2022-23 income year;
Note:
See also section 160-25 .
(c) any or all of the following income years were *loss years:
(i) the 2019-20 income year;
(ii) the 2020-21 income year;
(iii) if the current year is the 2021-22 income year - the 2021-22 income year;
(d) the entity had an *income tax liability for any or all of the following income years:
(iv) if the current year is the 2022-23 income year - the 2022-23 income year or the 2021-22 income year;
(i) the 2018-19 income year;
(ii) the 2019-20 income year;
(iii) if the current year is the 2021-22 income year and the 2021-22 income year was a loss year - the 2020-21 income year;
(iv) if the current year is the 2022-23 income year and the 2022-23 income year was a loss year - the 2021-22 income year or the 2020-21 income year;
(e) any of the following requirements are satisfied for the current year and each of the 5 income years before the current year:
(v) if the current year is the 2022-23 income year and the 2021-22 income year was a loss year - the 2020-21 income year;
(i) the entity has lodged its *income tax return for the year;
(ii) the entity was not required to lodge an income tax return for the year;
(f) the entity makes a *loss carry back choice for the current year in accordance with Subdivision 160-B .
(iii) the Commissioner has made an assessment of the entity ' s income tax for the year;
Note 1:
The entity can be entitled to only one loss carry back tax offset for 2020-21. However, that offset has 2 components: one relating to 2018-19 and one relating to 2019-20: see section 160-10 .
Note 2:
The entity can be entitled to only one loss carry back tax offset for 2021-22. However, that offset has 3 components: one relating to 2018-19, one relating to 2019-20 and one relating to 2020-21: see section 160-10 .
Note 2A:
The entity can be entitled to only one loss carry back tax offset for 2022-23. However, that offset has 4 components: one relating to 2018-19, one relating to 2019-20, one relating to 2020-21 and one relating to 2021-22: see section 160-10 .
Note 3:
The loss carry back tax offset is a refundable tax offset: see section 67-23 .
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