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Losses

If you make a tax loss, you can generally carry it forward and deduct it from income made in future years.

What is a tax loss?

You make a tax loss when your total deductions exceed your total assessable and net exempt income for the year.

How to claim a tax loss

The method of claiming varies depending on if you are an individual, partnership, trust, company or consolidated group.

Who should lodge a losses schedule?

The are 2 types of schedules – one for consolidated groups and one for non-consolidated companies and other entities.

Keeping records for losses

When you are claiming or carrying forward a tax loss, you may need to keep your tax records for longer than usual.

Non-commercial losses

See how you may be able to offset your business loss against other income if you're a sole trader or in a partnership.

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