Instructions to complete labels M, N and O in Part E of the Losses schedule.
About Controlled foreign companies (CFC) revenue losses
Controlled foreign companies no longer 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 at M, N and O are the totals of the entity's share of losses incurred by CFCs. The entity's share of a loss of a CFC is calculated by applying its attribution percentage in the CFC to the loss of the CFC.
M Current year CFC losses
Write at M the total amount of the entity's share of CFC losses, if any, for the statutory accounting period that ends within 2021–22.
N CFC losses deducted
Write at N the total of the entity's share of CFC losses, if any, that have been claimed as notional allowable deductions in calculating the CFC's attributable income for the statutory accounting period that ends within 2021–22.
O CFC losses carried forward
Write at O the total amount of the entity's share of undeducted CFC losses, if any, that is available to be carried forward to statutory accounting periods that end in later income years.
Continue to: Part F – Tax losses reconciliation statement