Australia to Expand Support, Tax Loss Carrybacks for Businesses

The Australian government would extend temporary full expensing and loss carryback measures for another year, Australian Treasurer Josh Frydenberg said.

• The measure, part of the budget announced Tuesday, would allow more than 99% of businesses employing a combined 11.5 million Australians to deduct the full cost of eligible depreciable assets of any value in the year they are installed until June 30, 2023, he said in a statement.
• It would also allow companies with turnover up to 5 billion Australian dollars (US$3.9 billion) to offset losses for the 2019-20, 2020-21, 2021-22, and now 2022-23 income ...