Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 160.25

  (1)   If the * current year is the 2020 - 21 income year:

  (a)   the entity cannot * carry back an amount of a * tax loss to the 2018 - 19 income year unless the entity was a * corporate tax entity throughout:

  (i)   the 2018 - 19 income year (disregarding any period when the entity was not in existence); and

  (ii)   the 2019 - 20 income year; and

  (b)   the entity cannot carry back an amount of a tax loss to the 2019 - 20 income year unless the entity was a corporate tax entity throughout the 2019 - 20 income year (disregarding any period when the entity was not in existence).

Note:   The entity must be a corporate tax entity throughout 2020 - 21: see paragraph   160 - 5(b).

  (2)   If the * current year is the 2021 - 22 income year:

  (a)   the entity cannot * carry back an amount of a * tax loss to the 2018 - 19 income year unless the entity was a * corporate tax entity throughout:

  (i)   the 2018 - 19 income year (disregarding any period when the entity was not in existence); and

  (ii)   the 2019 - 20 income year; and

  (iii)   the 2020 - 21 income year; and

  (b)   the entity cannot carry back an amount of a tax loss to the 2019 - 20 income year unless the entity was a corporate tax entity throughout:

  (i)   the 2019 - 20 income year (disregarding any period when the entity was not in existence); and

  (ii)   the 2020 - 21 income year; and

  (c)   the entity cannot carry back an amount of a tax loss to the 2020 - 21 income year unless the entity was a corporate tax entity throughout the 2020 - 21 income year (disregarding any period when the entity was not in existence).

Note:   The entity must be a corporate tax entity throughout 2021 - 22: see paragraph   160 - 5(b).

  (3)   If the * current year is the 2022 - 23 income year:

  (a)   the entity cannot * carry back an amount of a * tax loss to the 2018 - 19 income year unless the entity was a * corporate tax entity throughout:

  (i)   the 2018 - 19 income year (disregarding any period when the entity was not in existence); and

  (ii)   the 2019 - 20 income year; and

  (iii)   the 2020 - 21 income year; and

  (iv)   the 2021 - 22 income year; and

  (b)   the entity cannot carry back an amount of a tax loss to the 2019 - 20 income year unless the entity was a corporate tax entity throughout:

  (i)   the 2019 - 20 income year (disregarding any period when the entity was not in existence); and

  (ii)   the 2020 - 21 income year; and

  (iii)   the 2021 - 22 income year; and

  (c)   the entity cannot carry back an amount of a tax loss to the 2020 - 21 income year unless the entity was a corporate tax entity throughout:

  (i)   the 2020 - 21 income year (disregarding any period when the entity was not in existence); and

  (ii)   the 2021 - 22 income year; and

  (d)   the entity cannot carry back an amount of a tax loss to the 2021 - 22 income year unless the entity was a corporate tax entity throughout the 2021 - 22 income year (disregarding any period when the entity was not in existence).

Note:   The entity must be a corporate tax entity throughout 2022 - 23: see paragraph   160 - 5(b).