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.