Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 160.5

    An entity is entitled to a * tax offset (the loss carry back tax offset ) for the * current year if the following conditions are satisfied:

  (a)   the current year is:

  (i)   the 2020 - 21 income year; or

  (ii)   the 2021 - 22 income year; or

  (iii)   the 2022 - 23 income year;

  (b)   the entity is a * corporate tax entity throughout the current year;

Note:   See also section   160 - 25.

  (c)   any or all of the following income years were * loss years:

  (i)   the 2019 - 20 income year;

  (ii)   the 2020 - 21 income year;

  (iii)   if the current year is the 2021 - 22 income year--the 2021 - 22 income year;

  (iv)   if the current year is the 2022 - 23 income year--the 2022 - 23 income year or the 2021 - 22 income year;

  (d)   the entity had an * income tax liability for any or all of the following income years:

  (i)   the 2018 - 19 income year;

  (ii)   the 2019 - 20 income year;

  (iii)   if the current year is the 2021 - 22 income year and the 2021 - 22 income year was a loss year--the 2020 - 21 income year;

  (iv)   if the current year is the 2022 - 23 income year and the 2022 - 23 income year was a loss year--the 2021 - 22 income year or the 2020 - 21 income year;

  (v)   if the current year is the 2022 - 23 income year and the 2021 - 22 income year was a loss year--the 2020 - 21 income year;

  (e)   any of the following requirements are satisfied for the current year and each of the 5 income years before the current year:

  (i)   the entity has lodged its * income tax return for the year;

  (ii)   the entity was not required to lodge an income tax return for the year;

  (iii)   the Commissioner has made an assessment of the entity's income tax for the year;

  (f)   the entity makes a * loss carry back choice for the current year in accordance with Subdivision   160 - B.

Note 1:   The entity can be entitled to only one loss carry back tax offset for 2020 - 21. However, that offset has 2 components: one relating to 2018 - 19 and one relating to 2019 - 20: see section   160 - 10.

Note 2:   The entity can be entitled to only one loss carry back tax offset for 2021 - 22. However, that offset has 3 components: one relating to 2018 - 19, one relating to 2019 - 20 and one relating to 2020 - 21: see section   160 - 10.

Note 2A:   The entity can be entitled to only one loss carry back tax offset for 2022 - 23. However, that offset has 4 components: one relating to 2018 - 19, one relating to 2019 - 20, one relating to 2020 - 21 and one relating to 2021 - 22: see section   160 - 10.

Note 3:   The loss carry back tax offset is a refundable tax offset: see section   67 - 23.