The Australian Taxation Office (ATO) has published guidance on how to change a loss carry back choice and whether a change will affect assessments for subsequent income years.
Changing loss carry back choice
When taxpayers made original loss carry back choice, taxpayers specified how much of the tax loss from a particular income year were carrying back to an earlier income year. If taxpayers want to change loss carry back choice, it needs to be made
- in the approved form
- within your time limit for amending your tax assessment
It will take effect from the day taxpayers made original loss carry back choice.
Changing the loss carry back choice for an income year may also affect assessments for subsequent income years.
