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24 Oct 13 Getting the company loss carry-back tax offset right

The ATO advises that it has received a number of Company tax return 2013 where the loss carry-back tax offset has been claimed incorrectly. This has caused delays in processing Company tax return 2013.

To prevent further delays, the ATO has made changes to the electronic lodgment service (ELS). This means a company return cannot be lodged if a claim for a loss carry-back tax offset is made at item 13 label Z, and:

  • item 8 label M is less than the tax offset, or
  • item 8 label M is not completed.


The loss carry-back tax offset, for the financial year in which carry-back tax losses are claimed, must be the lowest of:

  • the loss carry-back tax offset component for the 2011-12 financial year
  • the maximum $1,000,000 losses multiplied by the corporate tax rate for the year you make a claim (that is, $300,000 in the 2012-13 financial year as the corporate tax rate of 30%), or
  • the franking account balance at the end of the financial year in which the claim is made.

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