Federal Budget 2020 – Loss Carry Back

For Companies carrying on business (and with turnover less than $5B) who incur revenue losses in the 2020, 2021 or 2022 years (capital losses are not eligible) there may be an offset available on lodging the 2021 or 2022 Company tax returns.  This includes if the loss is generated by the instant asset write-off measures discussed in one of our earlier posts.

There are a number of requirements to be met to be eligible for this offset so if you think this might apply to you, please get in touch with Stacey or Ross to discuss further.

There is also some extra information contained in the infographic attached below.

Loss Carry Back Infographic

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