• Losses schedule

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    The Losses schedule 2013, 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 2013 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 2013 if:

    • the total of the fund’s tax losses and net capital losses carried forward to the 2013–14 income year is greater than $100,000
    • the fund has a foreign loss component of tax losses deducted in the 2012–13 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 2013, you may also need to complete a CGT schedule.

    Last modified: 02 Jun 2014QC 35420