The Australian Taxation Office (ATO) has published guidance on claiming loss carry back for early balancers and claims for partial years. Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who need to lodge a company tax return for a part year for 2020–21 income year can claim the loss carry back tax offset by:
- completing the Loss carry back claim form.
- including loss carry back tax offset amount at the Refundable tax offset (Label E) of the calculation statement of the company tax return.
Other eligible corporate entities, like 30 June balancers, will be able to make the choice to carry back losses in the 2020–21 company tax return.
