Error: CMN.ATO.CTR.500224 - Income Tax liability must be greater than O
2. If we haven’t paid the 2019 Income Tax Liability that we want to carry back the 2021 tax losses to that year, are we not eligible to the tax offset?
Because in the franking account balance, if the Income Tax Liability is not paid, it will have NIL balance unless if the tax is paid, then, a franking account balance will equal to the value for the Income Tax Liability.
Solution: Loss carry back tax offset cannot be more than Closing franking account balance on Financial information page. Please ask the user to enter this amount. Also user should remove extra zeroes on losses page except “I Net exempt income 2018–19” (it is required to be 0 or anything).
2. According to ATO article https://www.ato.gov.au/Business/Loss-carry-back-tax-offset/Working-out-the-tax-offset/#Frankingaccount the answer is not eligible. Because tax offset is limited to closing franking account balance. You may call ATO for detailed information if in doubts.