Tax loss carry back legislation passed - 14 October 2020 has been saved
Tax loss carry back legislation passed - 14 October 2020
The 2020-21 Federal Budget, handed down on 6 October 2020, included a temporary loss carry back measure. On 7 October 2020, the Government introduced Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020, dealing with the key Budget tax measures including loss carry back. The Bill was passed by the Parliament on 9 October 2020. This Tax Insight on the loss carry back measure is based on the detail as contained in the above Bill.