What not to include at item 27
Don't include carried-forward film losses at this item.
If the total of the trust’s tax losses and net capital losses carried forward to later income years is greater than $100,000, complete a Losses schedule 2024 and attach it to the trust tax return.
Tax losses carried forward to later income years
Show at label U Tax losses carried forward to later income years the undeducted amount of tax losses incurred by the trust that can be carried forward to a later income year under section 36-15 of the ITAA 1997.
Don't show any net capital losses to be carried forward to later income years at label U. Show them separately at item 27 – label V Net capital losses carried forward to later income years and in the CGT schedule 2024, if a schedule is required.
Net exempt income reduces a current year tax loss. If there is any excess exempt income, then the prior year tax losses will be reduced.
If the trust is a designated infrastructure project (DIP) entity, ensure the amount of tax losses carried forward to later income years includes any uplift amount.
Tax losses carried forward may be affected by the commercial debt forgiveness provisions; see Appendix 4.
If the income injection test in Division 270 of Schedule 2F to the ITAA 1936 prevents the trust from fully claiming a deduction in 2023–24, include the amount that the trust can't claim in the amount shown at label U. Include the full amount of the scheme assessable income within the meaning of Division 270 in the amount of total net income of the trust shown at item 26 Total net income or loss.
If the trust is required to complete a Losses schedule 2024, the amount of the tax losses shown at part A – item 1 – label U Tax losses carried forward to later income years: total of that schedule must be the same as the amount shown at item 27 – label U in the trust tax return.
Net capital losses carried forward to later income years
Show at label V Net capital losses carried forward to later income years the total of any unapplied net capital losses from collectables and all other CGT assets and CGT events. This information is calculated or transferred from either:
- the CGT summary worksheet – the amount at 3B of table 5 and the amount at 3A of table 9
- the CGT schedule – 3A Net capital losses from collectables carried forward to later income years and 3B Other net capital losses carried forward to later income years, if a schedule is required.
For more information, see Guide to capital gains tax 2024.
If the trust is required to complete a losses schedule, the amount shown at part A – item 2V Net capital losses carried forward to later income years: total of that schedule must be the same as the amount shown at label V in the trust tax return.
Continue to: Landcare and water facility tax offset – item 28
Return to: Instructions to complete the Trust tax return 2024