Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 160.15

  (1)   If the * current year is the 2020 - 21, 2021 - 22 or 2022 - 23 income year, the entity may make a loss carry back choice for the current year that specifies the following:

  (a)   if the current year is the 2021 - 22 income year:

  (i)   how much (expressed as a specified amount) of the entity's * tax loss (if any) for the 2021 - 22 income year is to be * carried back to the 2020 - 21 income year; and

  (ii)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021 - 22 income year is to be carried back to the 2019 - 20 income year; and

  (iii)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021 - 22 income year is to be carried back to the 2018 - 19 income year;

  (aa)   if the current year is the 2022 - 23 income year and the 2022 - 23 income year was a loss year:

  (i)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022 - 23 income year is to be carried back to the 2021 - 22 income year; and

  (ii)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022 - 23 income year is to be carried back to the 2020 - 21 income year; and

  (iii)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022 - 23 income year is to be carried back to the 2019 - 20 income year; and

  (iv)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2022 - 23 income year is to be carried back to the 2018 - 19 income year;

  (ab)   if the current year is the 2022 - 23 income year and the 2021 - 22 income year was a loss year:

  (i)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021 - 22 income year is to be carried back to the 2020 - 21 income year; and

  (ii)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021 - 22 income year is to be carried back to the 2019 - 20 income year; and

  (iii)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2021 - 22 income year is to be carried back to the 2018 - 19 income year;

  (b)   in any case:

  (i)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2020 - 21 income year is to be carried back to the 2019 - 20 income year; and

  (i)   how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2020 - 21 income year is to be carried back to the 2018 - 19 income year;

  (c)   in any case--how much (expressed as a specified amount) of the entity's tax loss (if any) for the 2019 - 20 income year is to be carried back to the 2018 - 19 income year.

  (2)   The choice under subsection   (1) must be made in the * approved form by:

  (a)   the day the entity lodges its * income tax return for the * current year; or

  (b)   such later day as the Commissioner allows.