About completing the losses schedule
You complete the Losses schedule 2024 (NAT 3425) if you're a company, trust or superannuation fund.
This publication is not a guide to income tax law. If you feel this publication doesn't fully cover your circumstances, contact us or a recognised tax adviser.
Companies and trusts that don't join consolidated groups should complete and attach this schedule to their tax return 2024.
Superannuation funds should complete and attach this schedule to their tax return 2024.
If any of the tests apply to non-consolidated group entities (companies, trusts and superannuation funds), you must complete a losses schedule – check the tests at Who must complete a losses schedule?
When we refer to you or your business in these instructions, we are referring to either:
- you as a business entity (for example, a company) that conducts a business
- you as the tax agent or public officer responsible for completing the schedule.
Who must complete a losses schedule?
If any of the following tests apply to your entity (company, trust or superannuation fund), you must complete and submit a losses schedule with your tax return 2024.
|
A losses schedule is required |
Company |
Trust |
Fund |
|---|---|---|---|
|
If the entity has total of tax losses and net capital losses greater than $100,000 carried forward to later income years |
Yes |
Yes |
Yes |
|
If the entity is required by section 165-13 or 165-96 of the Income Tax Assessment Act 1997 (ITAA 1997) to satisfy the business continuity test in Subdivision 165-E of that Act to deduct or apply a loss either in 2023–24 or in a later income year or, having passed the continuity of ownership test, has claimed a deduction for tax losses and/or applied net capital losses greater than $100,000 |
Yes |
n/a |
n/a |
|
If the entity is a listed widely-held trust that is required by section 266-125 of Schedule 2F to the Income Tax Assessment Act 1936 (ITAA 1936) to satisfy the business continuity test in Subdivision 269-F of that Schedule to deduct a tax loss in the 2023–24 or later income years or, having passed the 50% stake test, has claimed a deduction for tax losses greater than $100,000 |
n/a |
Yes |
n/a |
|
If the entity has a changeover time that occurred after 1:00 pm by legal time in the Australian Capital Territory on 11 November 1999 and determined that it has an unrealised net loss as defined in the provisions of Subdivision 165-CC of the ITAA 1997 |
Yes |
n/a |
n/a |
|
If the entity is a life insurance company and has a total of complying superannuation class tax losses and net capital losses carried forward to later income years greater than $100,000 (complete part D of the Schedule) |
Yes |
Yes |
n/a |
|
If the entity has an interest in a controlled foreign company (CFC) that has 2022–23 losses greater than $100,000 |
Yes |
Yes |
Yes |
|
If the entity has an interest in a CFC that has deducted or carried forward a loss greater than $100,000 to later income years |
Yes |
Yes |
Yes |
An entity may need to complete a losses schedule for certain aspects of its net capital losses. While some of the information requested in the losses schedule is also requested in the Capital gains tax (CGT) schedule 2024 (CGT schedule), an entity that completes a losses schedule may also need to complete a Capital gains tax schedule 2024.
An entity that has joined a consolidated group as a subsidiary member during the income year must lodge a losses schedule covering any non-membership period if the entity satisfies any of the requirements for lodgment of that schedule, including where losses exceed $100,000 at the end of the non-membership period.
If the entity completes a losses schedule in respect of any aspect of its losses, all relevant parts of the schedule must be completed.
The amounts at Part A of the losses schedule must be transferred to item 13 – labels U and V in the Company tax return 2024.
Continue to: What’s new in the losses schedule ?