Private ruling: Loss carry back tax offset
Date of advice: 29 June 2023
Published: 21 August 2023
Ruling period: Year ended 30 June 2022
Date scheme commenced: 1 July 2021

Ruling: Q1: Am I eligible to utilise the loss carry back tax offset for the 2021-22 financial year? | A1: Yes. Having considered your circumstances and the relevant facts it is accepted that you meet the criteria set out to be eligible to carry back losses and claim the tax offset for the 2021-22 financial year. Further information on eligibility for the tax offset can be found by searching 'QC66107 ' on ato.gov.au .

Relevant facts and circumstances: You are a company. You are considered to be a small entity from 1 July 2018 through to 30 June 2022. You have a turnover under $X billion from 1 July 2018 through to 30 June 2022. You have a tax loss for the 2021-22 financial year. The tax loss is a result of large asset purchases which were than written off under temporary full expensing rules. You have a tax liability for a previous financial year. You have lodged your company tax return for the 2021-22 financial year as well as the previous 5 income years.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 160-5