Instructions to complete the tax losses of the CCIV sub-fund trust as relevant to your circumstances.
Balance of tax losses brought forward from prior year
Enter zero (0) at this label if the period covered by this return is your first year of operation. This will be the case for all attribution CCIV sub-fund trusts for 2022–23.
Net forgiven amount of debt
Tax losses brought forward are reduced by commercial debt forgiveness amounts (Division 245 of the ITAA 1997). If a commercial debt you owed was forgiven during 2022–23, then you should apply the net forgiven amount to reduce your following attributes in the order listed:
- deductible revenue losses
- net capital losses
- certain undeducted revenue or capital expenditure, and then
- cost base of CGT assets.
Enter zero (0) at this label if the period covered by this return is your first year of operation. This will be the case for all CCIV sub-fund trusts lodging an Attribution CCIV sub-fund tax return for 2022–23.
Tax loss incurred (if any) during current year
Enter the entity's tax loss for 2022–23 disregarding net exempt income and excess franking offsets.
A limit applies to the amount you can deduct for gifts and contributions (section 26-55 of the ITAA 1997). A tax loss cannot be produced or increased by the deduction allowable under Division 30 of the ITAA 1997.
Net exempt income
Enter the amount of net exempt income (calculated under section 36-20) to be taken into account in calculating the entity's tax loss or carried forward tax loss.
Tax losses forgone
Enter the amount of tax losses that have been forgone by the entity in this year, that is, tax losses that will not be deducted in a later income year.
For example, a CCIV sub-fund trust may not be able to deduct a tax loss because it does not meet the requirements of the trust loss rules in schedule 2F of the ITAA 1936.
Enter zero (0) at this label if the period covered by this return is your first year of operation. This will be the case for all attribution CCIV sub-fund trusts for 2022–23.
Tax losses deducted
Enter zero (0) at this label if the period covered by this return is your first year of operation. This will be the case for all CCIV sub-fund trusts lodging an Attribution CCIV sub-fund tax return for 2022–23.
Tax losses carried forward to later income years
Enter the total of tax losses to be carried forward to later income years.
Continue to: Statement of attribution for non-withholding MITs