COM51080 - Claims / reliefs: ACT: how to give act carry-back in assessment
Before making or amending an assessment to give effect to an ACT carry-back see the following subjects in this section
ACT carry-back claimed in the return
COTAX will not allow you to fast-path assess any AP if the return includes ACT carried back from a later AP. You will, therefore, have to use Function PAST (Prepare Full Assessment) or Function PASR (Prepare Assessment Based On Return) to make any assessment involving carry-backs.
You must enter each amount of ACT carried back separately, showing the AP from which it comes.
Note: This may involve your having to break down the figure for ACT set-off shown in the return.
COTAX will, for most cases, automatically work out for each amount carried back
- The Effective Date of Payment (EDP (Word 41KB)) for interest purposes
- What is allowable as tax paid at the 18 month point for tax geared penalty purposes
COTAX will calculate the total amount of the ACT carried-back to or set-off in the assessment. The notice of assessment will then show single total figures for ACT carried back or set-off in the assessment.
Claim for ACT carry-back after assessment made
You will usually be able to deal with a carry-back to a CT Pay and File AP by amending an existing assessment using Function PAST (Prepare Full Assessment). If you have not yet made an assessment for the AP, you should consider making it.
If you need to give credit for a carry-back in the following circumstances consider using Function RECB (Record Amounts Carried Back)
- Carry-back not reflected in the return logged for the receiving AP
- You have not made the assessment
- You are not in a position to make the assessment at once
For more information see subject ‘ACT Carry-Back - No Assessment Made’ (COM51100).
Making the assessment after a carry back has been recorded using Function RECB
When you amend (or make) the assessment using Function PAST (Prepare Full assessment), enter any carry-backs in the appropriate fields in screen COT120F and note that
- The carry-back is not automatically entered on screen COT120F or reflected in the assessment
- `Payment' postings resulting from your use of Function RECB are reversed
- Any non-standard EDP you entered in Function RECB is lost
Note: COTAX warns you of this. If you have posted a carry-back using Function RECB and later use the assessing function, the following message appears when you enter screen COT120F
‘WARNING: CARRY-BACKS ALREADY PRESENT ON THIS ACCOUNTING PERIOD’
For a list of functions to use in particular situations, see COM51081.
