In a recent speech, the Treasurer spoke on the possibility of considering a carry-back losses regime that is capped, in particular, in the context of a “patchwork economy”.
Mr Swan noted that the US, Canada and France have allowed “3 year carry back in recent years”. He said it made “sense for Australia to have a carry back period within this range” to protect the integrity of the tax system.
Mr Swan noted the Business Tax Working Group is due to deliver its report on the tax treatment of losses “in the next 2 weeks”.
[LTN 53, 19/3]