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  • myTax 2019 Tax losses of earlier income years

    This section is about tax losses from earlier income year for which you may be able to claim a deduction in 2018–19.

    On this page:

    Essentials

    You may have a tax loss at Tax losses of earlier income years this year which you may be able to claim as a deduction. You must complete this section whether or not you are able to claim a deduction for the loss this year.

    If you became bankrupt before 1 July 2018, or were released from debts under an arrangement entered into under the bankruptcy laws before 1 July 2018, you generally cannot claim a deduction for tax losses incurred before you became bankrupt or were released from the debts.

    If you have tax losses from more than one earlier income year you should generally deduct the earliest losses first.

    Do not show at this section

    • capital losses. Show these at Capital gains or losses.
    • expenses and losses you incurred in earning foreign income. Show these at Foreign income, assets and entities.
    • deferred non-commercial business losses from a prior year  
      • for partnership activities. Show these at Partnerships in the Business/sole trader, partnership and trust income (including loss details) section.
      • for sole trader activities. Show these at Business income or losses in the Business/sole trader, partnership and trust income (including loss details) section.
       

    Completing this section

    If your latest 2017–18 tax return lodgment shows a taxable income greater than $0, you are not eligible to complete this section in myTax.

    You will need the following tax losses amounts that you worked out when completing last year's tax return:

    • primary production losses carried forward to 2018–19
      Primary production activities are described in Information for primary producers.
    • non-primary production losses carried forward to 2018–19.
    1. Enter any primary production and non-primary production losses carried forward to 2018–19 into the corresponding fields.
    2. Calculate your net exempt income.
      Your net exempt income is the total of your exempt income for 2018–19 less the total expenses (other than capital expenses) incurred in earning your exempt income. If the result is less than zero, your net exempt income is 0.
      To find out what amounts are exempt income, see Amounts that you do not pay tax on.
    3. Enter your net exempt income into the corresponding fields.    

    Note: To work out whether you have any losses to carry forward to 2019–20, see Calculate losses to carry forward to 2019–20.

      Last modified: 26 Jun 2019QC 58776