spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
Sub-trusts ‘redundant’ under final Div 7A ruling
Tax Office homing in property deductions, SMSFs warned
ATO adds indebted sole traders to credit referrals
State and Federal Covid support --- Aug 2022
ATO casts net wide when it comes to taxable business income
Largest natural gas produces by country from 1970-2021
NALI ‘a special problem for SMSFs’
Tax time tips
Census 2021 Data
Single Touch Payroll: Phase 2 deferral reminder
Largest inflation rates by country in Oceania
Write a business plan
Be wary of trust disclaimers, ATO warns
Tax time guide offers path through 100A
Car allowance increase ‘welcome news’
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
ATO zeroes in on work expenses, crypto investments
Forget the Tim Tams in your WFH claim, say ‘fun police’
Inflation will force a third of businesses to raise prices
Year-end tax planning
World GDP Ranking (1960~2025)
100A ruling ‘turns tax avoidance logic on its head’
Company directors must register - all you need to know
Be alert for phoenix activity, businesses told
Equifax signs data agreement with ATO
E-invoicing will reduce emissions, says PwC
Largest cities in the world 1500 to 2100
Last chance to claim the loss carry-back
Changes to recovery loan scheme for small and medium enterprises
Articles archive
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Last chance to claim the loss carry-back

Businesses that need a little more financial help will have one last opportunity to claim the

loss carry-back in their 2021–2022 income tax returns.



And businesses that have an early balancer substituted account period (SAP) for the 2021-22 income year are eligible to claim the loss carry-back offset before 1 July 2022.


The loss carry-back is a refundable offset that effectively represents the tax that the business would save if it had been able to deduct the loss in an earlier year using the loss year tax rate. It may result in a cash refund, a reduced tax liability, or reduction of a debt owing to the Australian Taxation Office (ATO). Eligible businesses include companies, corporate limited partnerships and public trading trusts.


A business may be eligible if it made a tax loss in 2021, carried on a business with an aggregated turnover of less than $5 billion, had an income tax liability in 2019 or 2020, and has met all of its lodgement obligations for the five prior income years.


Loss carry-back can either be claimed through standard business reporting enabled software, where it has the additional loss carry-back labels required, or by using the paper copy of the company tax return 2021 and attaching a schedule of additional information to report the extra aggregated turnover and loss carry-back labels required.


The ATO has developed a loss carry-back tax offset tool to assist businesses claiming the loss carry-back before 1 July 2022. Once all of the relevant information is provided, the tool will first determine whether the business is eligible to claim the loss carry-back tax offset, then calculate the maximum amount of tax offset available. It will also provide a printable report of the labels which will need to be completed.


 


 


 


Tony Zhang 
22 April 2022


accountantsdaily.com.au




17th-May-2022
 
sitemap | site by AcctWeb