The Government has also recently introduced legislation to re-introduce the 'loss carry back' measure for companies from 1 July 2026.

If enacted, this will allow most companies to carry back a tax loss and apply it against tax paid in either, or both, of the previous two income years, basically giving rise to a tax refund for the loss year.

The proposed loss carry-back measure was introduced into Parliament on 25 June 2026 and has since been referred to the Senate Standing Committee on Economics for inquiry. The committee is due to report on 13 August 2026, after which the Bill will need to progress through the remaining parliamentary stages before it can become law. Companies should therefore avoid relying on the proposed refund until the legislation has been enacted and the Australian Taxation Office has released final guidance.



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