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The ATO advises that 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.

A one-year loss carry-back will apply in 2012-13, where tax losses incurred in that year can be carried back and offset against tax paid in 2011-12. For 2013-14 and later years, tax losses can be carried back and offset against tax paid up to two years earlier.

Loss carry-back will:

  • be available to companies and entities taxed like companies who elect to carry-back losses
  • be capped at $1 million of losses per year
  • apply to revenue losses only
  • be limited to the company's franking account balance.

Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 and the Explanatory memorandum were tabled in Parliament on 13 February 2013 and await debate.


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