Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 18/29)
Character Range: 2888532–2891080

or 2020‑21 income year (the gain year) as part of working out the entity's entitlement to a *loss carry back tax offset for the 2022‑23 income year.
 (4B) Disregard so much of the entity's *income tax liability for the gain year as has previously been included (as part of working out the entity's entitlement to a *loss carry back tax offset for the 2020‑21 or 2021‑22 income year) in a *loss carry back tax offset component.

Foreign residents
 (5) Paragraph (1)(b) does not apply if the entity was a foreign resident (other than an *NZ franking company) for:
 (a) if the entity *carries back an amount to the 2018‑19 income year—more than half of the 2018‑19 income year; and
 (b) if the entity carries back an amount to the 2019‑20 income year—more 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; and
 (d) if the current year is the 2022‑23 income year:
 (i) where the entity carries back an amount to the 2021‑22 income year—more than half of the 2021‑22 income year; and
 (ii) where 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
160‑16 Changing a 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, 2021‑22 or 2022‑23 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 (expressed as a specified amount) 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 (expressed as a specified amount) 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 (expressed as a specified amount) 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;
 (aa) if the current year is the 2022‑23 income year and the 2022‑23 income year was a loss year:
 (i) how much (expressed as a