- Current Year Tax Losses in a Company Tax Return (CTR)
- Trust Tax Return (TRT) loss distribution
- Partnership Losses
- Record Partnership Deferred Losses
- ITR with Partnership (loss with < $20K assessable income)
ATO guide - Loss carry back tax offset tool
Applying PRIOR YEAR LOSS
Carried Forward Loss
Losses schedule must be completed in order to lodge CTR with “Tax losses carried forward” greater than $100,000. This is mandatory for ATO and cannot be avoided. ATO guide
- Company: Loss carry-back offset (eligibility requirements)
- Loss carry-back for companies
- Declining tax rates
- Carry back rebate
- Trust Losses (Carried Forward Loss) in Trust tax Return (TRT)
- How to use Deferred Business Losses (Carried forward Loss) in Individual Tax Return (ITR)
- SMSFAR - Carried Forward Loss
FAQ:
Q: How to fill in this “ADD tax loss amount from conversion of excess franking offsets”
Below is the guide on how to reflect it in the form:
Go to "Forms" and a click "Financial Information" tab so that you can find the "Excess Franking Offsets" line item.
Scroll down below the page and manually encode the amount in the "Excess franking offsets" line (8H).
Go to “Others” tab and click “Losses” tab, then click “Edit” button.
After clicking the “Edit” button, the “Losses Schedule” will show and you can see the line item for the “Tax loss amount from conversion of excess franking offsets”. For this example, the amount is 400 (AUD400.00/25%). Rate varies according to the year of the form being filed.
Company Tax Rate reference:
Note: Loss carry back tax offset cannot be more than Closing franking account balance. User can read how to complete franking account records here- https://www.ato.gov.au/business/imputation/paying-dividends-and-other-distributions/franking-account/"