Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 6   Extension of temporary loss carry back

Part 1   Main amendments

Income Tax Assessment Act 1997

17   After paragraph 160-15(1)(a)

Insert:

(aa) if the current year is the 2022-23 income year and the 2022-23 income year was a loss year:

(i) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022-23 income year is to be carried back to the 2021-22 income year; and

(ii) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022-23 income year is to be carried back to the 2020-21 income year; and

(iii) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022-23 income year is to be carried back to the 2019-20 income year; and

(iv) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022-23 income year is to be carried back to the 2018-19 income year;

(ab) if the current year is the 2022-23 income year and the 2021-22 income year was a loss year:

(i) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021-22 income year is to be carried back to the 2020-21 income year; and

(ii) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021-22 income year is to be carried back to the 2019-20 income year; and

(iii) how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021-22 income year is to be carried back to the 2018-19 income year;