A CFC is no longer required to quarantine revenue losses into separate classes of notional assessable income. However, CFC losses continue to be quarantined in the CFC that incurred them.
The amounts shown at N, O and P are the totals of the head company's share of losses incurred by CFCs. The head company's share of a loss of a CFC is calculated by applying its attribution percentage in the CFC to the loss of the CFC.
N Current Year CFC Losses
Write at N the total amount of the head company's share of current CFC losses for a statutory accounting period that ends within the 2016–17 income year.
O CFC losses deducted
Write at O the total of the head company's share of CFC losses deducted for a statutory accounting period that ends within the 2016–17 income year.
P CFC losses carried forward
Write at P the total amount of the head company's share of CFC losses, if any, that is available to be carried forward to statutory accounting periods that end in later income years.