• Who should lodge a losses schedule?

    There are two types of losses schedules, one for consolidated groups and one for non-consolidated companies and other entities.

    Losses schedule

    Companies (not consolidated groups), trusts and superannuation funds may be required to lodge a Losses schedule with their tax return:

    A losses schedule is required if the entity:

    • has total of tax losses and net capital losses greater than $100,000 carried forward to later income years
    • is required to satisfy the same business test to deduct or apply a loss either in the current income year or in a later income year or, having passed the continuity of ownership test, has claimed a deduction for tax losses and/or applied net capital losses greater than $100,000
    • is a listed widely-held trust that is required to satisfy the same business test to deduct a tax loss in the current or later income years or, having passed the 50% stake test, has claimed a deduction for tax losses greater than $100,000
    • has determined that it has an unrealised net loss as defined in the provisions of Subdivision 165-CC of the ITAA 1997
    • is a life insurance company and has a total of complying superannuation/first home saver account (FHSA) class tax losses and net capital losses carried forward to later income years 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 greater than $100,000 to later income years.

    Consolidated groups losses schedule

    The head company of a consolidated group or multiple entry consolidated (MEC) group must complete this schedule and lodge it with the Company tax return, if any of the following apply:

    • The total of the group's tax losses and net capital losses carried forward to later income years is greater than $100,000.
    • The total of its tax losses and net capital losses transferred from joining entities is greater than $100,000.
    • The total of its tax losses deducted and net capital losses applied is greater than $100,000.
    • It has an interest in a CFC that has current year losses greater than $100,000.
    • It has an interest in a CFC that has deducted or carried forward a loss to later income years greater than $100,000.
    • It is a life insurance company, or is treated as a life insurance company under Subdivision 713-L of the ITAA 1997, and has a total of complying superannuation/first home saver account (FHSA) class tax losses and net capital losses carried forward to later income years greater than $100,000.
    Last modified: 28 May 2015QC 45334