• 27 Losses information

    Do not include carried-forward film losses at this item.

    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 2016 (NAT3425) and attach it to the trust tax return.

    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 a later income year under section 36-15 of the ITAA 1997. Do not show 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 exempt income reduces a current year tax loss. If there is any excess exempt income, then the prior year tax losses will be reduced.

    If the trust is a designated infrastructure project (DIP) entity, ensure the amount of tax losses carried forward to later income years includes any uplift amount.

    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 2015–16, include the amount that 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 part A of that schedule must be the same as the amount shown at U on the trust tax return.

    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 assets and CGT events. This information is calculated or transferred from:

    • 3B in Table 5 and 3A in Table 9 of the CGT summary worksheet in the Guide to capital gains tax 2016, or
    • A and B in part 3 of the CGT schedule, if a schedule is required.

    For more information, see the Guide to capital gains tax 2016.

    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: 31 Aug 2016QC 48243