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On 23 August 2012, the Commonwealth Treasury released, for consultation, an exposure package consisting of draft legislation and accompanying draft explanatory memorandum in respect of the Commonwealth Government's proposed loss carry back scheme for corporate taxpayers. This follows the Treasury's release of a discussion paper about the measure in July 2012.
The loss carry-back measures will allow a company in a temporary loss position to carry-back up to $1 million of revenue losses over the previous 2 income years (in which income tax was paid). A tax offset of up to $300,000 is available to eligible corporate taxpayers.
The scheme commences for the 2012-13 income year and therefore companies should be aware of the scheme in the current year or substituted accounting period.
Corporate loss carry-back scheme - overview of the Exposure Draft Bill
Exposure draft - refundable loss carry-back tax offset
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