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Loss carry-back tax offset for corporate entities explained

Loss carry-back tax offset for corporate entities explained

The ATO published an explanation of the refundable tax offset that eligible corporate entities can claim after the end of their 2021-22 income years in 2020-21 and 2021-22 tax returns. Where applicable, this refundable tax offset may result in a cash refund, reduced tax liability, or a reduction of debt owing to the ATO.

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Medical deductions

Net medical expenses tax offset 2014 changes

The government has committed to phasing out this offset over a number of years.

A summary of the changes is as follows:

  • For the 2013/2014 financial year, the offset can only be claimed if you claimed the offset in the 2012/2013 financial year.
  • For the 2014/2015 financial year, the offset can only be claimed if you claimed the offset in the 2013/2014 financial year.
  • The 2014/2015 financial year is the final year that the offset can be claimed.

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