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New Loss Carry-back Measure: A Welcome Tax Change

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Running Time: 7:00

Date: 01/08/2013

A Tax Office initiative that could actually make business life easier - not an everyday occurrence, but one worth knowing about.

The Federal Government's loss carry-back provision for business was passed into law just before the last session of Parliament ended and, says tax expert Michael Jones of Cummings Flavel McCormack, it could help a large number of businesses which handle their affairs through the corporate tax structure. It allows for losses incurred in one trading year to be offset against profits in the previous year (or two years, once the scheme's fully operational). Naturally, there are conditions attached - Michael explains how it will all work.


Topics: Accounting & Tax, Business Processes, Financial Management

Michael Jones, Cummings Flavel McCormack