Document ID: chunk:federal_register_of_legislation:C2021C00270:clause:2_2:p4
Version: federal_register_of_legislation:C2021C00270
Segment Type: clause
Provision Reference: sch 2 cl 2 (pt 4/7)
Character Range: 21152–23640

than half of the 2019‑20 income year; and
 (c) if the *current year is the 2021‑22 income year and the entity carries back an amount to the 2020‑21 income year—more than half of the 2020‑21 income year.

Subdivision 160‑B—Loss carry back choice

Table of sections
160‑15 Loss carry back choice
160‑20 Entity must have had turnover less than $5 billion for loss year
160‑25 Entity must have been a corporate tax entity during relevant years
160‑30 Transferred tax losses, income tax liabilities etc. not included
160‑35 Integrity rule—no loss carry back tax offset if scheme entered into

160‑15  Loss carry back choice
 (1) If the *current year is the 2020‑21 or 2021‑22 income year, the entity may make a loss carry back choice for the current year that specifies the following:
 (a) if the current year is the 2021‑22 income year:
 (i) how much of the entity's *tax loss (if any) for the 2021‑22 income year is to be *carried back to the 2020‑21 income year; and
 (ii) how much of the entity's tax loss (if any) for the 2021‑22 income year is to be carried back to the 2019‑20 income year; and
 (iii) how much of the entity's tax loss (if any) for the 2021‑22 income year is to be carried back to the 2018‑19 income year;
 (b) in any case:
 (i) how much of the entity's tax loss (if any) for the 2020‑21 income year is to be carried back to the 2019‑20 income year; and
 (i) how much of the entity's tax loss (if any) for the 2020‑21 income year is to be carried back to the 2018‑19 income year;
 (c) in any case—how much of the entity's tax loss (if any) for the 2019‑20 income year is to be carried back to the 2018‑19 income year.
 (2) The choice under subsection (1) must be made in the *approved form by:
 (a) the day the entity lodges its *income tax return for the *current year; or
 (b) such later day as the Commissioner allows.

160‑20  Entity must have had turnover less than $5 billion for loss year
  The entity cannot *carry back an amount of a *tax loss for an income year unless the entity:
 (a) was a *small business entity for the income year; or
 (b) would have been a small business entity for the income year if:
 (i) each reference in Subdivision 328‑C (about what is a small business entity) to $10 million were instead a reference to $5 billion; and
 (ii) the reference in paragraph 328‑110(5)(b) to a small business entity were instead a reference to an entity covered by this section.

160‑25  Entity must have been a corporate tax entity during relevant years