The loss carry-back tax scheme announced in this week's budget is a "courageous" and "smart" move by Treasurer Josh Frydenberg to focus the economic recovery on businesses that have already proven their worth, according to leading accountants.
Under the $4.9 billion measure, companies with annual turnover under $5 billion will be able to offset losses incurred up to June 2022 against profits made during or after the 2019 financial year.
![“We’re having a birthday party for [daughter] Rada in a few weeks and we’re going to get the truck to come, which is a real flex,” O’Neill says.](https://static.ffx.io/images/$zoom_0.7012%2C$multiply_2%2C$ratio_1.777778%2C$width_1059%2C$x_732%2C$y_641/t_crop_custom/c_scale%2Cw_600%2Cq_52%2Cf_auto/b5e4395344f07ccd1e3a348af02af77c8eeb8d1b)
