Losses are transferred when new report for the next year is created. Also user can rollover anytime from previous year using Rollover button.
Currently Capital, Tax and Deferred losses are transferred to the next year.
- 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”
A: This amount can be written at Financial information section at 8H field. How it is calculated you can found here.
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/"