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11 Nov 2021 Tax Time 2021

Complete Label E to get your loss carry back refundable tax offset

The ATO has noticed some errors with claims for the loss carry back (LCB) refundable tax offset.

To prevent errors and ensure your LCB claim is processed as quickly as possible, it is essential that you accurately complete all of the required LCB labels.

In your company tax return, this includes:

  • the LCB labels in item 13
  • the opening and closing franking account balance labels in item 8
  • the Refundable tax offsets label (Label E) in the calculation statement, where you add the LCB tax offset amount from label 13S (if you don’t complete this label you won’t receive any refund owing from your LCB claim)

More information can be found here.

What to do if you make a mistake on your tax return

If you realise you’ve made a mistake, forgotten something or given the ATO incorrect information, you can amend your return through: 

  • your registered tax agent
  • myGov if you're a sole trader
  • Standard Business Reporting (SBR)-enabled software.

You can also request an amendment through Online services for business.

The time limit to amend a return is usually two years.

More information can be found here.

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