Subscribe online for mybusiness
My Business contains fresh,
easy-to-read articles, money-making
tips and expert advice.
Sign up for our E Newsletter
Our free, weekly newsletter brings you the best of this site, plus giveaways and other fun. Register now FOR FREE!
Government seeking SME feedback on loss carry-back initiative
As part of loss carry-back, from July 1 2012, companies will be able to carry back up to $1 million worth of losses to get a refund of tax paid in the previous year. From 1 July 2013, companies will be able to carry back up to $1 million worth of losses against tax paid up to two years earlier. The Gillard Government is spruiking the loss carry-back scheme as a means of providing companies with help to ride out difficult times and invest for the future.
Assistant Treasurer David Bradbury says the discussion paper, titled Improving Access To Company losses – Introducing Loss Carry-Back, provides details on how loss carry-back will be applied.
“Companies not in the fast lane of our economy can invest in their people, equipment and ideas, knowing that they'll be able to carry back losses at tax time,” Bradbury explains.
The discussion paper and further information on the measure is available here, and SME business owners are encouraged to review the document and provide comment and feedback as part of the consultation process. The consultation period will close on August 6.Follow @mybusinessau on Twitter for breaking stories throughout the day.
Register now to receive the FREE weekly My Business Headlines e-newsletter, which every Tuesday morning delivers all the latest news for SMEs straight to your inbox. Find out why you should join the SME Association of Australia.
Government news for business
To get on top of the threat, click here to access a Symantec.cloud White Paper and discover:
- The top 6 security trends SMBs need to protect yourselves against
- A Security Essentials checklist - the essential security controls required to cover these threats
- How Cloud Security services can offer significant benefits in security your business