21 May 14 Objections against income tax assessments: addendum to TR 2011/5
On 21 May 2014 the ATO issued an addendum to taxation ruling TR 2011/5, entitled “Income tax: objections against income tax assessments”: notice of addendum TR 2011/5A1.
The addendum amends TR 2011/5 to clarify various issues and update the ruling as a result of recent amendments made by the Tax and Superannuation Laws Amendment (2013 Measures No 1) Act 2013. That amending Act, among other things, introduced the loss carry-back rules, which give a corporate tax entity the choice of carrying back all or part of a tax loss from the current income year, or from the preceding income year, against an unutilised income tax liability for either of the years before the current year. The measure applies to assessments for the 2012-13 and later income years. A transitional one year carry-back period applies for the 2012-13 income year.