Temporary loss carry back measure has been extended

The loss carry back measures were initially implemented in 2020 to assist businesses impacted by Covid-19. They provide a cashflow boost for companies that were previously profitable but were subsequently making losses due to Covid 19. 

This measure allows companies to carry back tax losses from 2020 through to 2023 financial years, and allow them to receive a credit for previously paid company tax. 

It is possible for companies who do not elect to use this measure, to carry forward tax losses as they would normally do.