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Taxable income or loss 2011

Complete this question to declare your total taxable income or loss.

Last updated 28 June 2011

This question is about your total taxable income or loss. How you complete it will depend on whether you completed F or Z at item L1 Tax losses of earlier income years on page 4 of your tax return.

Have you completed F or Z at item L1?



Go to No prior year losses below.


Go to Deducting your losses below.

Completing your tax return

No prior year losses

Transfer the amount you have shown at SUBTOTAL on page 4 of your tax return to $ TAXABLE INCOME OR LOSS.

If the amount at $ TAXABLE INCOME OR LOSS is less than zero, print L in the LOSS  box. Keep a record of this amount to work out your tax losses of earlier income years for next year.

You have now completed this section. Go to Adjusted taxable income (ATI) for you and your dependants.

Deducting your prior year losses

Add up the amounts at F and Z at item L1 and take the total away from the amount you have written at SUBTOTAL. Write the answer at $ TAXABLE INCOME OR LOSS on your tax return.

You cannot have a loss at $ TAXABLE INCOME OR LOSS if you had amounts at F or Z. This is because F and Z are losses of earlier income years that you are able to deduct from your 2010-11 net income.

Tax tips

If the amount at TAXABLE INCOME OR LOSS on your tax return is a loss - that is, you have printed L in the LOSS box - this may not be the amount you show as losses carried forward from earlier income years at item L1 on next year's tax return. Adjustments will have to be made to take into account any exempt income, deductions for gifts or donations (item D9) or personal superannuation contributions (item D12 on the supplementary section of your tax return). Phone 13 28 61 for more information.

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