Loss Carry Back, full expensing extended to 30 June 2023

Companies with an aggregated annual turnover of up to $5 billion are eligible to carry back tax losses for the 2019, 2020, 2021 & 2022 financial years and offset it against tax paid in the 2019 or later income years. The release of the Federal Budget saw this extended to tax losses incurred the 2023 financial year.

In addition to this, the Temporary Full Measures were also extended for a further 12 months. So eligible businesses (those with an aggregated turnover of up to $5 billion) are able to deduct the full cost of eligible depreciate expenses on assets of any value provided that it is first used or installed by 30 June 2023.

Please note both these measures are option and when completing your tax return McFillin Accounting will consider if these are right for you.