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
• Consolidated groups losses schedule

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 business continuity 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 business continuity 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 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 class tax losses and net capital losses carried forward to later income years greater than $100,000.