As detailed in our Federal Budget Summary, it’s important to note that eligible companies with turnover up to $5 billion will be able to offset tax losses against prior year taxed profits to generate a refund.
Under the measure, losses incurred in the 2019/20, 2020/21 or 2021/22 income years may be carried back against profits made in or after the 2018/19 income year.
Find out more about the loss carry back regime here, or speak to a member of our team on (02) 9375 1200 or email gary@roskant.com.au, raul@roskant.com.au or elias@roskant.com.au.