This form needs to be completed when doing an amendment to Loss Carry Back. It is purely a supplementary schedule and provides the ATO with more granularity.
This schedule will also be added to 2021. It can be completed in both 2021 and 2022 Tax Returns, as the government has allowed companies to amend their loss carry back choice. The way to amend the company’s loss carry back choice is to lodge an amended company tax return and complete the schedule.
Example:
When selecting the reason for change in loss carry back, you can use the F5 key to bring up reason codes A to E. Then select the code that applies to the situation.
Next, you need to fill in whether the change will result in another amendment request for years where there is a consequential impact. Answer Yes or No.
Then indicate the change in the total amount of taxes carried back from the original disclosure.
Finally, enter the amount of difference in the total amount of tax losses carried back from the original disclosure.
Once you have filled out the return information panel, you must select a choice year.
For step 1, select the choice year that is impacted.
For step 2, Input if there was an increase or decrease in tax losses deducted or no change.
Then for step 3, enter any other adjustments that may affect taxable income.
Input if there was an increase or decrease in total tax losses deducted.
Input if there was a change in total tax losses deducted from the original disclosure.
Note: No fields entered from this schedule will transfer to Form C.