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Latest Accounting News
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Articles
Merry Christmas to all our clients, your staff, family and friends
FBT - Christmas Parties and Taxi Fares
Employee Christmas Parties and Gifts - Any FBT?
Victorian Stamp Duty Reduction - First Home Buyers
School Bonus - Action Required
Cloud computing central to SME accounting
Traps to avoid with In-specie Transfers to Self-managed Funds
Companies are now able to carry back losses
Want to do some of your own research – no problems?
Living Away from Home Arrangements - Legislation Announcements
Living Away from Home Allowances Proposals
Education Tax Refund Replaced by 'School Kids Bonus'
Companies are now able to carry back losses

 

A company that has a loss in 2013 or later, maybe able to obtain a refund of tax paid in a prior year.


These new rules allow a company with current year losses, up to $1 million, to claim those against the prior year, assuming tax was paid in respect of that year.

The claim back can go back to 1 July 2012 for the 2013 tax year and 1 July 2012 for the 30th June 2014 tax year.

The maximum refund is the lesser of $300,000 (i.e. $1 million x 30% tax rate) or the current balance of the franking account.  In other words if the tax credits have already been passed on and the benefits obtained by the shareholders, then a second benefit cannot be claimed by the company.

A trust with current losses would not be eligible; the benefit will only apply to a company.



12th-November-2012