Loss carry back tax offset and franking account correlation

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(Initiate)Initiate

18 Oct 2023

Hi all,

I understand that the amount of the loss carry back tax offset also limited by the surplus in the franking account. However, does it result in a debit entry in the franking account?

Eg, if the calculated offset is $30,000, and the franking account balance at the end of the income year is $40,000, does claiming the offset result in a debit entry in the franking account (ie, franking account balance is now $10,000)?

Thanks.

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