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Swan’s Budget Changes on Losses to give big Tax Refunds for Businesses

by Danielle Seagrave, Monday, 7th May 2012

The “loss carry-back” provision to be included in tomorrow’s budget will see Australian companies claim back overpaid taxes from previous years and reclaim paid taxes for up to $1 million worth of losses.

The rebate will bring Australia into line with Canada, the United States and Britain and will assist Australian companies by improving cash-flows. Treasurer Wayne Swan is set to announce the change tomorrow to be in effect as of mid-2013.

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