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In the 2012-13 Federal Budget, the Government announced its intention to provide tax relief for companies by allowing them to carry-back tax losses so they receive a refund against tax previously paid.

The Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 and Explanatory memorandum were tabled in Parliament on 13 February 2013. It is not yet law.

The ATO has now published the administrative treatment that it will apply pending the enactment of the changes. The ATO advises that if a company is now able to lodge its 2013 income tax return (including if it uses early balancing substituted accounting periods), it should not claim the loss carry back tax offset until the law has received Royal Assent.

Once the changes are enacted, the ATO will issue advice about how to claim the loss carry back tax offset if a company has already lodged its 2013 income tax return - for example, if it used substituted accounting periods. The company will then be able to amend its company tax return and claim the loss carry back tax offset. Interest on overpayment will be paid where applicable.


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