Update- Carry-back losses Companies are now eligible for a refundable tax offset of up to $300,000 ($1,000,000 times the company tax rate of 30%). Previously companies had to carry forward losses to reduce tax payable on future income but under legislation that has received Royal Assent companies can now carry-back tax losses and generate a refund against tax previously paid in 30 June 2012. While tax losses incurred in the current 30 June 2014 financial year and later years can be carried back and offset against tax paid in the two previous financial years. Note, the measure only applies to revenue losses with capital losses excluded and please see your Accountant for more detailed advice. At Newealth we are always looking to innovate and improve our ongoing services wherever possible and if you have any ideas or comments, please feel free to email me via ‘Contact Us’ at www.newealth.com.au or to call me on +61 2 9267 2322.
2nd-August-2013 | 
