Question: I want to carry back the loss of FY 2019-2020 to offset profit in FY 2018-2019. How it is done in LodgeIT?
Answer: From a timing perspective, the offset cannot be claimed until the time of lodging the 2020-21 or 2021-22 income tax return (i.e. the claim year), even if the company generated a tax loss in the 2019-20 year and is seeking to carry it back to offset tax paid in relation to the 2018-19 year.
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