Where separate AMIT treatment is chosen
If the trustee has chosen to apply separate AMIT treatment, you must complete the information relevant to the AMIT class to which this schedule relates.
You don't need to lodge a separate Losses schedule.
Balance of tax losses brought forward from prior income years
Show the undeducted amount of tax losses incurred by the entity and brought forward from 2022–23 under section 36-15 of the ITAA 1997.
Uplift of tax losses of designated infrastructure project entities
You are not required to complete this information.
Only a company or a fixed trust that is a designated infrastructure project (DIP) entity in an income year is able to uplift its unutilised tax losses before deducting them. For more information, see Designated infrastructure project entities.
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, enter 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 cannot be produced or increased by the deduction allowable under Division 30 of the ITAA 1997.
If the carried forward loss amount has increased due to discoveries made after lodging the 2022–23 AMIT tax return, include the amount of increase (increase adjustment) here. If you have identified several adjustments, whether they increase and decrease your carried forward loss amount, report only the total net figure, not each individual increase or decrease amount.
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.
You must first deduct a prior year tax loss from any net exempt income in 2023–24.
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, an AMIT 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.
For more information, see Trust losses.
Tax losses deducted
Write tax losses deducted during the income year under section 36-15 of the ITAA 1997.
If the carried forward loss amount has decreased due to discoveries made after lodgment of the 2022–23 AMIT tax return, include the amount of decrease (decrease adjustment) here. If you have identified several adjustments, whether they increase and decrease your carried forward loss amount, report only the total net figure, not each individual increase or decrease amount.
Tax losses carried forward to later income years
Write the total of tax losses to be carried forward to later income years.
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