2nd September 2021 | Tax
Did you know that you can claim the loss carry-back tax offset in your 2021 company tax return?
If you’re eligible, you can carry back losses to certain earlier years where there was an income tax liability.
To complete your return you’ll need to know:
- your opening and closing franking balance – your offset is limited by your closing franking account balance, so we recommend you review your franking account balance before lodging your return
- your aggregated turnover
- the amounts of tax losses you’re carrying back
- your tax liability for the income year you’re carrying the losses back to
- any amounts of unutilised net exempt income for the income years you’re carrying the losses back to.
Make sure you complete the additional loss carryback labels in your return which are listed in the Company tax return instructions for 2021.
You cannot claim the tax offset in your Company tax return 2020 for a tax loss made in the 2019–20 income year. You can claim the tax offset in your Company tax return 2021 or Company tax return 2022.
For more info go to the Government website
If you are unsure and want to speak to us call our team on 03 9995 7261
Or email to info@Ax3.com.au
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