The Australian Taxation Office (ATO) has published guidance on how to claim temporary full expensing and loss carry back in the 2020-21 tax return to boost-up businesses and recover from the impact of the Covid-19 pandemic.
Temporary full expensing and loss carry back are two JobMaker Plan temporary measures, that may be eligible to claim for 2020-21 tax return. To claim, or opt-out of, temporary full expensing or claim loss carry back taxpayers will need to complete additional labels in tax return.
Eligible corporate entities (companies, corporate limited partnership or public trading trust) will need to provide the information to make their choice to carry back losses, confirm eligibility, and calculate the refundable tax offset being claimed.
