The ATO has released guidance for taxpayers on how to go about changing a choice made under the loss carry back rules for companies.
The ATO states that a specific form will be made available for this purpose although it has not yet been released. The current advice for clients who need to change their loss carry back choice before the form is available is to contact the ATO at email@example.com
Unfortunately there seems to be little guidance on the scope of the changes that can be made to the choice. The examples provided by the ATO broadly cover situations where the previous year tax liability is increased and the company changes its choice in order to carry back a larger amount of losses to offset the tax that would be payable.
Another example provided in the explanatory memorandum refers to a company changing the choice to reduce the loss carried back as the original choice referred to an amount above the franking account balance (i.e. there were excess losses carried back that did not give rise to an offset).
Read more on the changes to a loss carry back choice here.