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If you make a tax loss, you can generally carry it forward and deduct it from income made in future years.

You make a tax loss when your total deductions exceed your total assessable and net exempt income for the year.

The method of claiming varies depending on if you are an individual, partnership, trust, company or consolidated group.

The 2 types of schedules – one for consolidated groups and one for non-consolidated companies and other entities.

The rules for keeping proper records relating to your tax affairs, including when you carry forward a tax loss.

See how you may be able to offset your business loss against other income if you're a sole trader or in a partnership.