Australia enacts new loss carryback rules

Asia-Pacific Tax Newsalert

In an important reform to its company tax system, Australia has enacted new loss carryback rules. The new rules, which received royal assent on June 28, will give Australian companies the option to carry back tax losses to a preceding tax year to offset tax previously paid and thereby obtain a tax refund. Certain companies may need to act now to take immediate advantage of the new rules.



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