Current Year Tax Losses in a Company Tax Return (CTR)

Modified on: Mon, 30 Jan, 2023 at 1:49 PM

Understanding the requirements for handling company tax losses and how to deal with a current year tax loss in a company.

For CTR Form, it is necessary to visit the "Reconciliation" tab.

In this example, a Company has "Taxable Loss" of $155,638, it is reflected through the "Reconciliation",

To find the Losses Schedule:

You have to manually insert the losses you want to apply.

Select "Other", and then, "Losses", and fill the required boxes via "Edit" button.

Type in the $155,638 "Taxable Income" amount via "ADD Tax loss incurred (if any) during current year"

You'll come up with "Tax losses carried forward to later income years"

Note: Claimable loss value should reflect in the recon section to reduce the profit to Zero.

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