You need to complete a Losses schedule 2012 and attach it to the trust's tax return if the trust:
- has a total of tax losses and net capital losses carried forward to later income years greater than $100,000
- is a life insurance entity and has either complying superannuation/first home saver account (FHSA) class tax losses or a complying superannuation/first home saver account (FHSA) net capital loss carried forward to later income years
- is a listed widely held trust that is required to satisfy the same business test in Subdivision 269-F of Schedule 2F to the ITAA 1936 (as required by section 266-125 of Schedule 2F) to be able to claim a deduction for a tax loss in the 2011–12 income year or to apply a tax loss in a later income year; or, having passed the 50% stake test, has claimed a deduction for tax losses greater that $100,000
- has a foreign loss component of tax losses deducted in the 2011–12 income year carried forward to later income years
- has an interest in a controlled foreign company (CFC) that has current year losses, greater than $100,000
- has an interest in a CFC that has deducted or carried forward a loss to later income years greater than $100,000.
If you complete a losses schedule, transfer the totals of the amounts at part A of the losses schedule to the corresponding U and V at item 27 'Losses information' on the trust tax return. However, if you do not need to complete a losses schedule but the trust has tax losses or net capital losses available to be carried forward to later income years, complete the information required at U and V at item 27 of the trust tax return as appropriate.
For more information, see the Losses schedule instructions 2012.
If you need to complete a losses schedule under the above criteria, you may also need to complete a CGT schedule.
For more information, see the Guide to capital gains tax 2011–12.