COMPANY TAX LOSS CARRY-BACK SCHEME:

Under this proposal, a one year loss carry-back is to apply from 2012-13, where tax losses incurred in that year can be carried back and offset against tax paid in 2011-12.

For 2013-14 and later income years, tax losses can be carried back and offset against tax paid up to two yearsearlier.

Losses of up to $1 million can be carried back for each year, providing a cash benefit of up to $300,000 (based on the company tax rate of 30%)

It will be only be available for revenue losses of companies and entities that are taxed like companies and limited to the franking account balance.

Source: www.ato.gov.au