The ATO says it has received a number of 2013 Company tax returns where the loss carry-back tax offset has been claimed incorrectly. It said this has caused delays in processing the returns. To prevent further delays, the ATO says it has made changes to the ELS. This means a company return cannot be lodged if a loss carry-back tax offset is claimed at item 13 label Z, and:
- item 8 label M is less than the tax offset; or
- item 8 label M is not completed.
[LTN 206, 24/10/13]