This measure allows you to apply current year losses against prior year profits. Many companies would have experienced losses in the last couple of years and possibly had gains in the years prior to COVID.

This offset gives you the ability to use these current losses now, as opposed to waiting until future profits are generated.

Applying current year losses against prior year gains will reduce the tax liability of the company by way of a rebate. This can be taken as a cash refund or applied to your current tax liabilities should you have any.

If you would like to discuss further please contact us:
 
 

McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
 www.mcnamaraandco.au/contact-us
 Phone +61 3 9428 1062
 Email admin@mcnamaraandco.com

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