14th October 2020 | Tax
In an effort to help boost business cash flows, the government will allow businesses with a turnover of up to $5 billion offset losses incurred up to 2021-22 against previous profits made in or after 2018 19. Eligible companies may elect to receive a tax refund when they lodge their 2020 21 and 2021 22 tax returns.
This will be great for businesses, as we can now offset the tax losses for 2021 financial year with the 2 profitable years in 19FY and 20FY. Relieving some cash flow burden this 2020 FY
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