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.
The taxation of multinationals has been a hot topic in Australia for some time. In this Insight we highlight some of the recent developments in this area as well as further developments to look out...
A green light on the last lap (and after two red lights): The High Court by majority of 3:2 recently upheld the taxpayer’s appeal in Automotive Invest Pty Ltd v Commissioner of Taxation [2024] HCA 36.
Every Australian state and territory has now delivered its 2024-25 state budget. We summarise the most notable inclusions.