Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p20
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 20/29)
Character Range: 2893062–2895639

An entity may change a *loss carry back choice for the 2020‑21, 2021‑22 or 2022‑23 income year by notice, in the *approved form, given to the Commissioner.
 (2) The notice to change a *loss carry back choice for an income year must be given to the Commissioner within the limited amendment period (within the meaning of section 170 of the Income Tax Assessment Act 1936) for an assessment for that income year.
 (3) To avoid doubt, the change takes effect from the day the entity made the original *loss carry back choice under section 160‑15.

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
 (1) If the *current year is the 2020‑21 income year:
 (a) the entity cannot *carry back an amount of a *tax loss to the 2018‑19 income year unless the entity was a *corporate tax entity throughout:
 (i) the 2018‑19 income year (disregarding any period when the entity was not in existence); and
 (ii) the 2019‑20 income year; and
 (b) the entity cannot carry back an amount of a tax loss to the 2019‑20 income year unless the entity was a corporate tax entity throughout the 2019‑20 income year (disregarding any period when the entity was not in existence).
Note: The entity must be a corporate tax entity throughout 2020‑21: see paragraph 160‑5(b).
 (2) If the *current year is the 2021‑22 income year:
 (a) the entity cannot *carry back an amount of a *tax loss to the 2018‑19 income year unless the entity was a *corporate tax entity throughout:
 (i) the 2018‑19 income year (disregarding any period when the entity was not in existence); and
 (ii) the 2019‑20 income year; and
 (iii) the 2020‑21 income year; and
 (b) the entity cannot carry back an amount of a tax loss to the 2019‑20 income year unless the entity was a corporate tax entity throughout:
 (i) the 2019‑20 income year (disregarding any period when the entity was not in existence); and
 (ii) the 2020‑21 income year; and
 (c) the entity cannot carry back an amount of a tax loss to the 2020‑21 income year unless