You need to complete a Losses schedule 2013 (NAT 3425) 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 2012–13 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 2012–13 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 2013 (NAT 4088).
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 2012-13.