ATO Issues Guidance on Claiming Loss Carry Back for Early Balancers and Claims for Partial Years

The Australian Taxation Office (ATO) has issued guidance on claiming loss carry back for early balancers and claims for partial years.

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Loss carry back – 2020–21 early balancer substituted accounting period or lodging a company tax return for part year

Eligible corporate entities who have an early balancer substituted accounting period (SAP) or who need to lodge a company tax return for a part year for 2020–21 income year can claim the loss carry back tax offset by:

• completing the Lo…