Elect into the loss carry-back scheme
You can do this in the ‘More...' section of your income tax account in myIR by selecting 'Opt-in to carry back loss'.
When asked which period you want to carry the loss back to, select '2020' and then select 'Next'.
Review your details, confirm your information is correct, and submit.
Claim loss carry-back in your 2020 return
You will need to claim the loss carry-back in your 2020 return when you file it, or by amending your return if you have already filed.
In myIR choose amendment reason 'loss carry-back'.
Select income type 'you are claiming net losses brought forward' from the tab headed “Information Inland Revenue already holds”.
If you are filing an IR3 or IR4, enter the carry-back loss in the “Net losses claimed this year” field.
If you are filing an IR6, IR8, IR9 or IR44, enter the carry-back loss in the "Net losses brought forward" field.
Report loss carried back on 2021 return
You will also need to adjust for the loss carried back when you file your 2021 return (the year the loss was made), or amend the return in my IR if filed.
Enter the loss carried back in the 'Loss carryback field' provided on your income tax return.
If you are part of a group, you are also required to provide your group information. You can download the template, fill in your details and send the template back to us as a message in myIR.