You need to complete a Losses schedule 2016 (NAT 3425) and attach it to the tax return if the trust:
- has a total of tax losses and net capital losses carried forward to later income years greater than $100,000
- is a life insurance entity and has either
- tax losses, or
- net capital losses carried forward to later income years
in the complying superannuation class
- is a listed widely held trust that is required to satisfy the same business test to be able to claim a deduction for a tax loss in 2015–16 or to apply a tax loss in a later income year; or, having passed the 50% stake test, has claimed a deduction for tax losses greater than $100,000
- has an interest in a controlled foreign company (CFC) that has current year losses, greater than $100,000
- has an interest in a CFC that has deducted or carried forward a loss to later income years greater than $100,000.
If you complete a losses schedule, transfer the totals of the amounts at part A of the losses schedule to the corresponding U and V at item 27 Losses information on the trust tax return. However, if you do not need to complete a losses schedule but the trust has tax losses or net capital losses available to be carried forward to later income years, complete the information required at U and V at item 27 of the trust tax return as appropriate.
A subsidiary member of a consolidated or MEC group must lodge a trust tax return for a non-membership period that includes the last day of the income year. The trust may also need to lodge a Losses schedule 2016 for the non-membership period.
If you need to complete a losses schedule under the above criteria, you may also need to complete a CGT schedule.
Last modified: 31 Aug 2016QC 48243