Applying the 2020-21 Federal Budget changes in practice
Recorded Thursday, 10 December 2020
How to apply the rules in practice When tax offsets and refunds can be claimed The options that will be available when dealing with tax losses
In the 2020-21 Federal Budget, the Government announced that businesses with aggregated annual turnover of less than $5 billion would be able to carry back losses from the 2020, 2021 and 2022 income years to offset previously taxed profits in the 2019, 2020 and 2021 income year. The new rules have already been rushed through Parliament.
The New Loss Carry-Back Rules Webinar works through the detail of the new rules to help you identify clients who might be able to take advantage of these temporary measures.
We work through the conditions that need to be met to access the loss carry-back rules, the options that are available for dealing with losses while this measure is in place and how to calculate loss carry-back tax offsets.
What we cover
This practical session covers:
Key conditions that must be satisfied before losses can be carried back to previous years
When companies can start receiving refunds of tax paid in prior years
Options that companies have for dealing with their tax losses
Step-by-step guide to calculating the tax offset
The interaction between the loss carry-back rules and franking account balances
Applying the new integrity rules in practice
Planning considerations
Our Presenter
Michael Carruthers Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Easton group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy.
Michael is a member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
Michael Carruthers
Tax Director, Knowledge Shop
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