CTR.500370: The Loss carry back tax offset is greater than the maximum allowable based on the information provided.
If company status is a resident and Loss Carry Back Tax Offset is provided, it must be less than or equal to the least of Closing franking account balance, or Total amount of Income Tax liability 2018-19, Income Tax liability 2019-20, Income Tax liability 2020-21 and Income Tax liability 2021-22 , or 30% of total amount of Tax loss 2019-20 carried back to 2018-19, Tax loss 2020-21 carried back to 2018-19, Tax loss 2020-21 carried back to 2019-20, Tax loss 2021-22 carried back to 2018-19, Tax loss 2021-22 carried back to 2019-20, Tax loss 2021-22 carried back to 2020-21, Tax loss 2022-23 carried back to 2018-19, Tax loss 2022-23 carried back to 2019-20, Tax loss 2022-23 carried back to 2020-21 and Tax loss 2022-23 carried back to 2021-22
A breakdown of this error:
The error will occur If company status is a resident and Loss Carry Back Tax Offset (item 13 label S) is provided, it must be less than or equal to the least of;
Closing franking account balance (item 8 label M),
Or the Total amount of Income Tax liability 2018-19 (item 13 label L),
Income Tax liability 2019-20 (item 13 label M),
Income Tax liability 2020-21 (item 13 label N) and
Income Tax liability 2021-22 (item 13 label B),
Or 30% of total amount of Tax loss 2019-20 carried back to 2018-19 (item 13 label A),
Tax loss 2020-21 carried back to 2018-19 (item 13 label B),
Tax loss 2020-21 carried back to 2019-20 (item 13 label C),
Tax loss 2021-22 carried back to 2018-19 (item 13 label D),
Tax loss 2021-22 carried back to 2019-20 (item 13 label E),
Tax loss 2021-22 carried back to 2020-21 (item 13 label F),
Tax loss 2022-23 carried back to 2018-19 (item 13 label T),
Tax loss 2022-23 carried back to 2019-20 (item 13 label W),
Tax loss 2022-23 carried back to 2020-21 (item 13 label X) and
Tax loss 2022-23 carried back to 2021-22 (item 13 label Y)