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Tag: Income tax

Can Your Business Claim the Loss Carry Back Tax Offset?

Tax spelled out with wooden blocks on gold coins, symbolizing financial considerations related to loss carry back tax offset for businesses.

As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities that previously had an income tax liability in a relevant year, and […]