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  • Tax losses record keeping



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    If a superannuation fund incurs tax losses, it may need to keep records longer than five years from the date when the losses were incurred.

    Generally you can carry forward tax losses indefinitely incurred in an income year, until they are applied by recoupment. When applied, the loss amount is a figure that is included in the calculation of the superannuation fund's taxable income in that year.

    It is in the superannuation fund's interest to keep records substantiating this year's losses until the amendment period for the assessment in which the losses are applied has lapsed (in most cases up to four years from the date of that assessment) - see Taxation DeterminationTD 2007/2

    Last modified: 02 Oct 2019QC 21714