Michael Ronaldson (Victoria, Liberal Party, Shadow Minister for Veterans' Affairs) Share this | Link to this | Hansard source

asked the Minister representing the Treasurer, upon notice, on 29 November 2012:

With reference to the announcement made by the Treasurer prior to the 2012-13 Budget, that relief would be granted to businesses struggling in the 'two-speed economy' by implementing a Tax Loss Carry Back initiative, how many tourism-connected businesses have benefited from this measure.

Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

Company loss carry-back will first apply to losses incurred in the 2012-13 income year.

Data is not yet available in respect of those that have benefited as the tax returns have not been lodged. The returns will be lodged progressively from 1 July 2013.

However, Treasury estimates that 110,000 businesses are expected to benefit from the loss carry-back measure in the first 4 years of its operation.

Treasury also estimates that around one in nine accommodation, cafe and restaurant businesses and one in eight cultural and recreation service businesses will benefit from the loss carry-back measure in the first 4 years of its operation.