A win for small business for the last few years is taking advantage of this generous concession. The Carry Back Loss Offset allows your business to receive tax refunds for prior years in certain situations. If the business had tax profits and paid income tax in any year from 2019, then had a year of tax losses in any subsequent year up to 2023, the business can offset those current year losses against the tax paid in those prior “tax paying” years to obtain a tax offset/refund against the tax paid. There are some restrictions, such as lodgement compliance, ensuring offsets don’t throw franking accounts into deficit and a few other considerations, so please contact me for a quick assessment as to how it applies to your situation as time is running out to make amendments.
