Tax losses information

Instructions to complete the tax losses of the CCIV sub-fund trust as relevant to your circumstances.

Published 29 May 2024

Balance of tax losses brought forward from prior income years

write zero (0) at this label if the period covered by this return is your first year of operation.

Net forgiven amount of debt

Tax losses brought forward are reduced by commercial debt forgiveness amounts (Division 245 of the ITAA 1997). If a commercial debt you owed was forgiven during 2023–24, then you should apply the net forgiven amount to reduce your following attributes in the order listed:

tax losses
net capital losses
expenditures
cost bases of certain CGT assets.

At this label, write the total net forgiven amount of debt for the income year 2023–24.

Write zero (0) at this label if the period covered by this return is your first year of operation.

For further information refer to Appendix 4: Commercial debt forgiveness of the Trust tax return instructions 2024.

Tax loss incurred (if any) during the current year

Write the entity's tax loss for 2023–24 disregarding net exempt income and excess franking offsets.

A limit applies to the amount you can deduct for gifts and contributions (section 26-55 of the ITAA 1997). A tax loss can't be produced or increased by the deduction allowable under Division 30 of the ITAA 1997.

Net exempt income

Write the amount of net exempt income (calculated under section 36-20) to be taken into account in calculating the entity's tax loss or carried forward tax loss.

Tax losses forgone

Write the amount of tax losses that have been forgone by the entity in this year, that is, tax losses that will not be deducted in a later income year.

For example, a CCIV sub-fund trust may not be able to deduct a tax loss because it does not meet the requirements of the trust loss rules in schedule 2F of the ITAA 1936.

Write zero (0) at this label if the period covered by this return is your first year of operation.