Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

Company loss carry-back will first apply to losses incurred in the 2012-13 income year.

Data is not yet available in respect of those that have benefited as the tax returns have not been lodged. The returns will be lodged progressively from 1 July 2013.

However, Treasury estimates that 110,000 businesses are expected to benefit from the loss carry-back measure in the first 4 years of its operation.

Treasury also estimates that around one in nine accommodation, cafe and restaurant businesses and one in eight cultural and recreation service businesses will benefit from the loss carry-back measure in the first 4 years of its operation.