• 27 Losses information

    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

    Do not include carried forward film losses at this item.

    Attention

    Also, if the total of the trust's tax losses and net capital losses carried forward to later income years is greater than $100,000, complete a losses schedule and attach it to the trust tax return.

    End of attention

    Tax losses carried forward to later income years

    Show at U the undeducted amount of tax losses incurred by the trust that can be carried forward to the 2009-10 income year under section 36-15 of the ITAA 1997.

    Net exempt income reduces a current year tax loss. If there is any excess exempt income, then the prior year tax losses will be reduced. Tax losses carried forward may be affected by the commercial debt forgiveness provisions, see appendix 4.

    If the income injection test in Division 270 of Schedule 2F to the ITAA 1936 prevents the trust from fully claiming a deduction in the 200910 income year, include the amount which the trust cannot claim in the amount shown at U. Include the full amount of the 'scheme assessable income' within the meaning of Division 270 in the amount of total net income of the trust shown at item 26 Total net income or loss.

    If the trust is required to complete a losses schedule, the amount of the tax losses shown at U in partA of that schedule must be the same as the amount shown at U on the trust tax return.

    Do not include any net capital losses to be carried forward to later income years at U. Show them separately at V Net capital losses carried forward to later income years and in the CGT schedule, if a schedule is required.

    Net capital losses carried forward to later income years

    Show at V the total of any unapplied net capital losses from collectables and all other CGT events. This information is calculated or transferred from:

    Further Information

    For more information, see the Guide to capital gains tax 2010.

    End of further information

    If the trust is required to complete a losses schedule, the amount shown at V Net capital losses carried forward to later income years in part A of that schedule must be the same as the amount shown at V on the trust tax return.

    Last modified: 13 Aug 2014QC 22968