It has its detractors, but is the Government’s tax loss carry-back scheme helping struggling NZ business owners?
One of the responses to COVID-19 from the Government was a new temporary tax loss carry-back scheme.
Some cynical commentators felt that the tax part of the SME Relief Package (of which the loss carry-back scheme was part) was more about political spin than providing real help to small businesses, so just how useful is the loss carry-back?
The scheme enables businesses making a loss (whether actual or anticipated) in the 2020 and 2021 tax years to carry-back a tax loss to the prior tax year.
