On 6 May 2012, the Australian Government announced its intention to introduce a company loss carry-back initiative, which will help businesses facing pressures in our patchwork economy, reduce disincentives to sensible risk taking and encourage investment and growth. Further details of the measure were announced as part of the 2012-13 Budget on 8 May 2012. A discussion paper was released for public consultation on 18 July 2012.
The exposure draft package includes the draft legislation and explanatory memorandum for loss carry-back, and is the basis for consultation.
Subject to the passage of legislation, these changes are expected to apply from the 2012-13 income year with a one year carry-back period applying in 2012-13, transitioning to a two year carry-back period for the 2013-14 and later income years.
Please note that this is separate to the discussion paper "Improving access to company losses - Introducing loss carry-back " from July 2012.