• Legal database
Legal database
Disclaimer
This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law.

You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4.

Edited version of your written advice

Authorisation Number: 1012711337989

Ruling

Subject: lodgement

Question

Are you entitled to lodge "Returns not Necessary" for the 2007-08 to the 2013-14 financial years?

Answer

Yes.

This ruling applies for the following periods:

Year ended 30 June 2008

Year ended 30 June 2009

Year ended 30 June 2010

Year ended 30 June 2011

Year ended 30 June 2012

Year ended 30 June 2013

Year ended 30 June 2014

The scheme commenced on

1 July 2007

Relevant facts and circumstances

You ceased trading in a previous financial year and the last taxation return you lodged was shortly after that cessation.

You have accumulated prior year losses and you have no intention of selling the company or operating any future business.

Relevant legislative provisions

Income Tax Assessment Act 1936 section 161

Reasons for decision

Paragraph 2 of Table A of the 2008 Legislative Instrument requires a company to lodge a tax return where;

    • incurs a tax loss;

    • deducts a loss; or

    • applies a net capital loss of an earlier income year.

Therefore where you are only carrying a loss forward and you are not applying any of that carry forward loss to your taxable income for the year because you have ceased trading then you would not be required to lodge an income tax return.


Back to top