Question: I am preparing CTR for our Private Company which has loss for the 2018 Financial Year.
We don’t have any Joint entity to consolidate as we are only a small company. Can you help to advise where is the correct section to put the Current loss?
And for 2019, we are having loss again. Where can I put the current and the later year loss?
Answer: You need to fill in "Losses brought forward from prior years", choose from what year.
See images below as an example. The Company had a loss of $500 for FY2018 and $200 for current year (supposing 2019 is the current year)
Total losses carried forward to later income years will be $700
Or you may just click NO and manually enter the total losses on item U-Tax losses carried forward to later income years
