Error Prompt:
Solution:
Assumption for illustration below: 2024 Taxable Income of $2,393 and there is a previous year 2023 carried forward tax loss of $-10,000. The 2,393 portion of the prior year 2023 carried forward loss will be deducted to the the taxable income.
If you are Applying Prior Year Loss to your current company tax return form, make sure that the amount you will apply to R (Tax Losses Deducted / Last year carry forward Loss) is same or lesser amount to Letter T (Total income amount)
You should adjust losses recouped or losses transferred in until the taxable income/loss figure is zero.
Click on the "Reconciliation Tab", scroll down the page to Label R. For this example, input the 2,393 under "Tax Losses Deducted" line item, instead of the 2,613 (which is causing the error CMN.ATO.CTR.428136).
If there is a remaining prior period carried forward tax losses, just go to Other > Losses section and update the Losses schedule. In order to update Label 13 U - Tax losses carried forward to later income years, you need to select YES under line item question “Are you required to lodge losses schedule or consolidated groups losses schedule?” and click “Open worksheet” button to open and update the Losses Schedule.
Input the 2,393 amount in Label H – “SUBTRACT Tax losses deducted” to update the remaining prior year carried forward loss to $7,607 (10,000-2,393).
NOTE: The other option to update Label 13 U is by selecting NO to the question and then directly input the updated amount of remaining ending balance of the prior year carried forward loss amount of $7,607 under Label 13U.
