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ATO Issues Notice on Correctly Claiming the Loss Carry Back Tax Offset — Orbitax Tax News & Alerts

The Australian Taxation Office (ATO) has issued a notice on correctly claiming the loss carry back tax offset.

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Correctly claiming the loss carry back tax offset

We've noticed some errors with claims for the loss carry back (LCB) refundable tax offset. To prevent these and ensure your LCB claim is processed as quickly as possible, it's essential you accurately complete all the required LCB labels.

In your company tax return, these include:

  • the LCB labels in item 13
  • the opening and closing franking account balance labels in item 8
  • the Refundable tax offsets label (Label E) in the calculation statement, where you add the LCB tax offset amount from label 13S. If you don't complete this label you won't receive any refund owing from your LCB claim.

To help you accurately complete all the labels required to claim LCB, you can use our LCB tax offset tool. The tool will provide the disclosures for each label in the company tax return that you require to make your LCB claim.

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Loss carry back tax offset tool