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Tax losses record keeping

Last updated 12 February 2019

If a superannuation fund incurs tax losses, it may need to keep records longer than five years from the date when the losses were incurred.

Generally, tax losses incurred in an income year can be carried forward indefinitely until they are applied by recoupment. When applied, the loss amount is a figure that is included in the calculation of the superannuation fund’s taxable income in that year.

It is in the superannuation fund’s interest to keep records substantiating this year’s losses until the amendment period for the assessment in which the losses are applied has lapsed (in most cases up to four years from the date of that assessment); see TD 2007/2.