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The Losses schedule 2012, and where relevant the CGT schedule, have replaced most of the labels relating to losses in previous tax returns. Transfer totals of the amounts at part A of the Losses schedule 2012 to U Tax losses carried forward to later income years item 13 and V Net capital losses carried forward to later income years item 13 of the tax return.
Complete and attach a Losses schedule 2012 if:
- the total of the fund's tax losses and net capital losses carried forward to the 2012-13 income year is greater than $100,000
- the fund has a foreign loss component of tax losses deducted in the 2011-12 income year or carried forward to later income years
- the fund has an interest in a CFC that has current year CFC losses greater than $100,000.
- the fund has an interest in a CFC that has deducted or carried forward a loss to later income years greater than $100,000.
If, under the above criteria, you need to complete a Losses schedule 2012, you may also need to complete a CGT schedule.
Last modified: 08 Jun 2012QC 25835
For more information, see the
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- Losses schedule instructions 2012
- Guide to capital gains tax 2012.