The Australian Taxation Office (ATO) has published video guidance on the loss carry back tax offset. Loss carry back provides a refundable tax offset that eligible corporate tax entities (companies, corporate limited partnerships and public trading trusts) can claim in their Company tax returns.
The following four videos will help taxpayers to determine eligibility and, if so, how to make a claim:
- Your guide to eligibility for the loss carry back measure – this video explains the eligibility requirements for claiming the tax offset. By working through step-by-step, you can determine if you’re eligible.
- Your guide to calculating the loss carry back tax offset – this video can help you understand how to calculate the amount you’re entitled to ahead of preparing your claim.
- Review your franking account before making a loss carry back claim – watch this video to find out how to review your franking account prior to making your claim. It also outlines some common mistakes.
- Your guide to claiming the loss carry back tax offset – this video lists the information you will need to know to make your claim and provides an example of how to complete the loss carry back labels in your Company tax return.
