• Part I: Unapplied net capital losses carried forward to later income years

    Attention

    Warning:

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

    End of attention

    In part I you show any unapplied net capital losses that your entity is carrying forward. These losses will be available to reduce any capital gains in later income years.

    Does your entity have any unapplied net capital losses?

    No

    You have completed the worksheet.

    Yes

    Read on

    At H and I, show details of any capital losses that are unapplied (that is, that have not been used).

    At H, show the unapplied capital losses from collectables only. This is the sum of:

    • any current year capital losses from collectables that have not been used to reduce capital gains from collectables this income year (that is, deduct 1D in step A2.1 from C4 in part A2), and
    • any prior year net capital losses from collectables that have not been used to reduce capital gains from collectables this income year (that is, deduct 2G in step A2.2 from 2C in step A2.2).

    At I, show all of the other capital losses - that is, the sum of:

    • the current year capital losses that have not been used to reduce capital gains (that is, deduct H in step D1 from D in part B), and
    • the prior year net capital losses that have not been used to reduce capital gains (that is, deduct L in step D2 from 4C in step D2).

    At V, show the total of the amounts at H and I.

    The amounts at H and I are the unapplied net capital losses available to be carried forward and used to reduce your capital gains in later income years.

    Unapplied net capital losses from collectables can only be used to reduce capital gains from collectables in later income years.

    Last modified: 04 Mar 2016QC 27527