Show download pdf controls
  • Who is required to complete a Losses schedule?

    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

    Entities-companies, trusts or superannuation entities (funds)-that satisfy any one or more of the following tests in the first column must complete, and submit with their 2001-2002 tax return, a Losses schedule if indicated by a X in the corresponding row in the second, third or fourth column (respectively) below.

    A Losses Schedule is required if the entity

    Company

    Trust

    Fund

    • has a total of tax losses and net capital losses carried forward to the 2002-2003 income year greater than $100,000
     

    X

    X

    X

    • is required by section 165-13 of the Income Tax Assessment Act 1997 (ITAA 1997) to satisfy the same business test in Subdivision 165-E of that Act to claim a deduction for a loss in the 2001-2002 income year or to apply a loss in a later income year or, having passed the continuity of ownership test, has claimed a deduction for tax losses and/or net capital losses greater than $100,000
     

    X

    na

    na

    • is a listed widely held trust that is required by section 266-125 of Schedule 2F to the Income Tax Assessment Act 1936 (ITAA 1936) to satisfy the same business test in Subdivision 269-F of that Schedule to deduct a loss in the 2001-2002 or later income years or, having passed the 50% stake test, has claimed a deduction for tax losses greater than $100,000
     

    na

    X

    na

    • has a changeover time that occurred after 1.00pm by legal time in the Australian Capital Territory on 11 November 1999 and determined that it has an unrealised net loss as defined in the provisions of Subdivision 165-CC of ITAA 1997
     

    X

    na

    na

    • transfers out a tax loss or a net capital loss to another group company
     

    X

    na

    na

    • receives a tax loss or a net capital loss which is transferred to the entity from another group company
     

    X

    na

    na

    • claims a deduction for film losses
     

    X

    X

    X

    • has film losses carried forward to later income years
     

    X

    X

    X

    • claims a deduction for foreign source losses
     

    X

    X

    X

    • has 'current year' foreign source losses
     

    X

    X

    X

    • has foreign source losses carried forward to later income years
     

    X

    X

    X

    • claims a deduction for earlier year controlled foreign company (CFC) losses
     

    X

    X

    X

    • has current year CFC losses
     

    X

    X

    X

    • has CFC losses carried forward to later income years
     

    X

    X

    X

    Note: An entity may need to complete a Losses schedule in respect of certain aspects of its net capital losses. While some of the information requested in the Losses schedule is also requested in the Capital gains tax (CGT) schedule 2002, (CGT schedule) an entity that completes a Losses schedule may also need to complete a CGT schedule.

    If the entity completes a Losses schedule in respect of any aspect of its losses, all relevant parts of the schedule must be completed. For example, if the entity completes a schedule as a result of foreign source losses and has tax losses and capital losses carried forward to later income years, details of such losses are required even if the total of these losses is not greater than $100,000.

    Last modified: 09 Aug 2016QC 16568