Organisational Name Type Code Name of Business Entity Name of head company - Inform the relevant field with the name of the head company. The name shown must be the same as that shown on the head company's tax return. Australian Business Number of Business Entity Australian business number - Inform the relevant field with the Australian Business Number (ABN), if any, of the head company. Companies registered under the Corporations Law and business entities carrying on an enterprise in Australia are entitled to an ABN. Tax losses reconciliation for consolidated groups - SUBTRACT Tax losses deducted. Tax losses reconciliation for consolidated groups - SUBTRACT Tax losses deducted - Show the tax losses (including convertible foreign losses) deducted during the income year under section 36-17 of the ITAA 1997. The tax losses carried forward to later income years - Group The tax losses carried forward to later income years - Transferred The tax losses carried forward to later income years - Total Tax losses carried forward to later income years - Group - Inform the field the amount of group tax losses carried forward to later income years under section 36-17 of the ITAA 1997. Group tax losses are those tax losses that have been generated by the consolidated group. Tax losses carried forward to later income years - Transferred - Inform the field the amount of transferred tax losses carried forward to later income years under section 36-17 of the ITAA 1997. Transferred tax losses are tax losses that have been made outside the consolidated group and transferred into the group from an entity when it joined the group. Any concessional transferred tax losses carried forward are also included. Tax losses carried forward to later income years - Total - Inform the field the total amount of group and transferred tax losses carried forward to later income years under section 36-17 of the ITAA 1997. Transferred tax losses are tax losses that have been made outside the consolidated group and transferred into the group from an entity when it joined the group. Any concessional transferred tax losses carried forward are also included. Group tax losses are those tax losses that have been generated by the consolidated group. The amount of group tax losses utilised, excluding film losses. The amount of transferred tax losses utilised, excluding film losses The amount of total tax losses utilised, excluding film losses Tax losses utilised - Group - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses utilised, which were generated by the consolidated group ie group losses. Group tax losses are effectively utilised before transferred tax losses. Tax losses utilised - Transferred - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses utilised, which were generated by an entity before it became a member of the group and transferred into the group when it joined the group. Transferred tax losses utilised on a concessional basis are also included. Tax losses utilised - Total - Inform the relevant field with the total amount of tax losses utilised, excluding film losses and foreign source losses utilised. Transferred tax losses utilised, excluding film losses, available amount Transferred tax losses utilised - Amount - Inform the fields, as required, the corresponding amount of transferred tax losses utilised from loss bundles for those joining entities whose TFN's are recorded as having had tax losses from their loss bundles utilised. If tax losses have been utilised from more than six loss bundles, enter the six largest amounts utilised. Amount of tax losses carried forward to later income years which the same business test satisfied Amount of tax losses carried forward to later income years which the same business test satisfied - Inform the label with the amount of tax losses, excluding film losses, foreign source losses and net capital losses carried forward to later income years for which the head company must satisfy tha same business test to utilise these losses. Tax losses,excluding film losses, transferred from joining entities (including head company) at consolidation because the continuity of ownership and control tests were satisfied Tax losses,excluding film losses, transferred from joining entities (including head company) at consolidation because the same business test was satisfied Tax losses,excluding film losses, transferred from joining entities (including head company) at consolidation from a trust Tax losses transferred from joining entities (including head company) at consolidation - Continuity of ownership test losses - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses, transferred from joining entities, including the head company, to the head company at the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation (See section 703-50 of the ITAA 1997), because the continuity of ownership and control tests were satisfied for the ownership test period - that is, from the start of the year when the tax loss was incurred until immediately after the joining time. Tax losses transferred from joining entities (including head company) at consolidation - Same business test losses - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses, transferred from joining entities, including the head company, to the head company at the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation,(See section 703-50 of the ITAA 1997), where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. Tax losses transferred from joining entities (including head company) at consolidation - Other losses - Trusts only - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses, that were transferred at consolidation from a trust to the head company at the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation (See section 703-50 of the ITAA 1997). The trust loss legislation in Schedule 2F to the Income Tax Assessment Act 1936 (ITAA 1936) affects the deductibility of prior year tax losses by trusts. The measures generally apply from 7.30pm Australian Eastern Standard Time on 9 May 1995. The legislation applies to two broad categories of trusts: fixed trusts - see section 272-65 of Schedule 2F to the ITAA 1936 non-fixed trusts (including discretionary trusts) defined in section 272-70 of Schedule 2F to the ITAA 1936. Tax losses, ecluding film losses, transferred from joining entities to the head company after consolidation because the continuity of ownership and control tests were satisfied Tax losses, excluding film losses, transferred from joining entities to the head company after consolidation where the continuity of ownership and control tests were failed but the joining company satisfied the same business test Tax losses, excluding film losses, transferred after consolidation from a trust Tax losses transferred from joining entities after consolidation - Continuity of ownership test losses - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses, transferred from joining entities to the head company after the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation (Commissioner). See section 703-50 of the ITAA 1997 because the continuity of ownership and control tests were satisfied from the start of the year when the tax loss was incurred until immediately after the joining time. Tax losses transferred from joining entities after consolidation - Same business test losses - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses, transferred from joining entities, including the head company after the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation (Commissioner). See section 703-50 of the ITAA 1997, where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. Tax losses transferred from joining entities after consolidation - Other losses - Trusts only - Inform the relevant field with the amount of tax losses, excluding film losses and foreign source losses, transferred by a trust after the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation (Commissioner). See section 703-50 of the ITAA 1997. Transferred tax losses utilised, excluding film losses, available fraction Transferred tax losses utilised - Available fraction - Inform the relevant field with the corresponding available fraction calculated for the loss bundles for those joining entities whose TFN's are recorded as having had tax losses from their loss bundles utilised applying the available fraction method. Each available fraction is to be completed to three decimal places (for example, 0.475, 0.520, 0.700). However, where rounding to three decimal places would result in an available fraction of nil, consolidated groups are permitted to round the available fraction to the first non-zero digit. Where the available fraction is less than 0.0005, the amount of 0.000 should be written at the relevant label. Where the available fraction is greater than 0.0005 but less than 0.001, the fraction should be rounded up to 0.001. If the sum of the group's available fractions would total more than 1, each available fraction is proportionately reduced. The available fraction recorded for the value/loss donor in respect of tax losses donated is the available fraction of the real loss-maker company, not the value/loss donor's available fraction. Net capital losses, excluding film losses, transferred from joining entities (including head company) at consolidation because the continuity of ownership and control tests were satisfied Net capital losses transferred from joining entities (including head company) to the head company at consolidation where the continuity of ownership and control tests were failed but the joining company satisfied the same business test Net capital losses that were transferred at consolidation by a trust Net capital losses transferred from joining entities (including head company) at consolidation - Continuity of ownership test losses - IInform the relevant field with the amount of net capital losses losses, excluding film losses and foreign source losses, transferred from joining entities, including the head company, to the head company at the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation,(See section 703-50 of the ITAA 1997) because the continuity of ownership and control tests were satisfied for the ownership test period - that is, from the start of the year when the net capital loss was made until immediately after the joining time. Net capital losses transferred from joining entities (including head company) at consolidation - Same business test losses - Inform the relevant field with the amount of net capital losses, excluding film losses and foreign source losses, transferred from joining entities, including the head company, to the head company at the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation,(See section 703-50 of the ITAA 1997) where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. Net capital losses transferred from joining entities (including head company) at consolidation - Other losses - Trusts only - Inform the field the amount of those net capital losses that were transferred at consolidation by a trust. net capital losses transferred from joining entities to the head company after consolidation because the continuity of ownership and control tests were satisfied Net capital losses transferred from joining entities to the head company after consolidation where the continuity of ownership and control tests were failed but the joining company satisfied the same business test Net capital losses that were transferred after consolidation by a trust. Net capital losses transferred from joining entities after consolidation - Continuity of ownership test losses - Inform the relevant field with the amount of net capital losses, excluding film losses and foreign source losses, transferred from joining entities to the head company after the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation,(See section 703-50 of the ITAA 1997), because the continuity of ownership and control tests were satisfied from the start of the year when the loss was incurred until immediately after the joining time. Net capital losses transferred from joining entities after consolidation - Same business test losses - Inform the relevant field with the amount of net capital losses, excluding film losses and foreign source losses, transferred from joining entities to the head company after the date the consolidated group has been brought into existence - that is, the date specified in the notice of choice given to the Commissioner of Taxation,(See section 703-50 of the ITAA 1997), where the continuity of ownership and control tests were failed but the joining company satisfied the same business test. Net capital losses transferred from joining entities after consolidation - Other losses - Trusts only - Inform the field of those net capital losses that were transferred after consolidation by a trust. The amount of group net capital losses utilised. The amount of transferred net capital losses utilised. The amount of total net capital losses utilised. Net capital losses utilised - Group - Inform the field of the amount of group net capital losses utilised. Group net capital losses are those net capital losses that have been generated by the consolidated group. Group net capital losses are effectively utilised before transferred net capital losses. Do not include tax losses, film losses or foreign source losses utilised. Net capital losses utilised - Transferred - Inform the field of the amount of transferred net capital losses utilised. Transferred net capital losses are net capital losses that have been made outside the consolidated group and transferred into the group from an entity when it joined the group. The amount also includes the Transferred net capital losses utilised on a concessional basis. Do not include tax losses, film losses or foreign source losses utilised. Net capital losses utilised - Total - Inform he field the total amount of group net capital losses and transferred net capital losses utilised. Do not include tax losses, film losses or foreign source losses. Net capital losses utilised, excluding film losses, available fraction Transferred net capital losses utilised - Available fraction - Inform the relevant field with the corresponding available fraction calculated for the loss bundles for those joining entities whose TFN's are recorded as having had net capital losses from their loss bundles utilised applying the available fraction method. Each available fraction is to be completed to three decimal places (for example, 0.475, 0.520, 0.700). However, where rounding to three decimal places would result in an available fraction of nil, consolidated groups are permitted to round the available fraction to the first non-zero digit. Where the available fraction is less than 0.0005, the amount of 0.000 should be written at the relevant label. Where the available fraction is greater than 0.0005 but less than 0.001, the fraction should be rounded up to 0.001. If the sum of the group's available fractions would total more than 1, each available fraction is proportionately reduced. Do not include transferred net capital losses utilised in accordance with the concessional method. Show donated net capital losses utilised with the TFN of the value/loss donor company, not he rela loss-maker. Net capital losses utilised, excluding film losses, available amount Transferred net capital losses utilised - Amount - Inform the fields, as required, the corresponding amount of transferred net capital losses utilised from loss bundles for those joining entities whose TFN's are recorded as having had net capital losses from their loss bundles utilised. If net capital losses have been utilised from more than six loss bundles, enter the six largest amounts utilised. Were the apportionment rules applied? Were the apportionment rules applied? - If transferred tax losses or transferred net capital losses have been utilised from any loss bundle applying the available fraction method, this question must be answered. Inform True if the answer to the question is yes, otherwise inform False. Has the head company cancelled the transfer of a loss? Has the head company cancelled the transfer of a loss? - Inform True if the answer to the question is yes, otherwise inform False. A head company can make a choice to cancel the transfer of a loss of a joining entity. If the choice is made, the loss cannot be used by any entity for an income year ending after the joining time. If the answer is yes, complete next label - details of cancellation of transfer of losses. If the answer is no, move to "Ownership test and same business test". Details of cancellation of transfer of losses - Joining entity amount Details of cancellation of transfer of losses - Amount - Inform the field the total amount of the cancellation of the transfer of one or more losses for joining entities whose TFNs are recorded as having had transfers of one or more losses cancelled during the income year. The total amount of tax losses and net capital losses, excluding film losses, for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current income year but satisfied the same business test The total amount of tax losses and net capital losses, excluding film losses, for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current income year minus 1 but satisfied the same business test The total amount of tax losses and net capital losses, excluding film losses, for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current income year minus 2 but satisfied the same business test The total amount of tax losses and net capital losses, excluding film losses, for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current income year minus 3 but satisfied the same business test The total amount of tax losses and net capital losses, excluding film losses, for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current income year-4 and earlier income years but satisfied the same business test Ownership test and same business test - Year ownership test failed - Current Year - Inform the field, the total amount of tax losses and net capital losses for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current income year but satisfied the same business test. If there is no amount, leave blank. Do not include film losses or foreign source losses. Ownership test and same business test - Year ownership test failed - Current Year-1 - Inform the field, the total amount of tax losses and net capital losses for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current year-1 income year but satisfied the same business test. If there is no amount, leave blank. Do not include film losses or foreign source losses. Ownership test and same business test - Year ownership test failed - Current Year-2 - Inform the field, the total amount of tax losses and net capital losses for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current year-2 income year but satisfied the same business test. If there is no amount, leave blank. Do not include film losses or foreign source losses. Ownership test and same business test - Year ownership test failed - Current Year-3 - Inform the field, the total amount of tax losses and net capital losses for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current year-3 income year but satisfied the same business test. If there is no amount, leave blank. Do not include film losses or foreign source losses. Ownership test and same business test - Year ownership test failed - Current Year-4 and earlier income years - Inform the field, the total amount of tax losses and net capital losses for each joining company that transferred a same business test tax loss or same business test net capital loss to the head company that first failed the continuity of ownership or control tests in the current year-4 income year or earlier income years but satisfied the same business test. If there is no amount, leave blank. Do not include film losses or foreign source losses The amount of tax losses utilised after consolidation which failed the continuity of ownership test but satisfied the same business test Amount of tax losses utilised after consolidation which failed the continuity of ownership test but satisfied the same business test - Inform the field the amount of tax losses utilised by the head company which did not satisfy the continuity of ownership and control tests but did satisfy the same business test. For each joining company that transferred a same business test tax loss or same business test net capital loss to the head company, determine the year of income in which the joining company first failed the continuity of ownership or control tests. 'Same' means 'identical' and not merely 'similar'. The term 'same business' is to be read as referring to the same business, in the sense of the identical business. However, the term does not mean identical in all respects. A company may expand or contract its activities without necessarily ceasing to carry on the same business. The organic growth of a business does not necessarily cause the business to fail the same business test provided the business retains its identity. However, if through a process of evolution a business changes its essential character, the entity may fail the test. Application of the same business test is a question of fact and is usually determined by a process of weighing up various relevant factors. For more information, see sections 165-13 and 165-210 of the ITAA 1997, Taxation Ruling TR 999/9 and Taxation Ruling TR 2007/2. The aim of it is to find out (in respect of companies that transferred losses to a head company of a consolidated group because a same business transfer test was satisfied): - the period of time between the year of failure of the continuity of ownership or control transfer tests and the trial year, and - the losses that failed the continuity of ownership or control tests at the joining time and in the trial year. When a company joins a consolidated group any unused carry forward losses are transferred to the head company if the losses could have been utilised by the joining entity, assuming sufficient income or gains in the 'trial year', which generally begins 12 months before joining the consolidated group and ends immediately after the joining time. In certain circumstances, the trial year may be a shorter period than 12 months. See subsection 707-120(2) of the ITAA 1997. The amount of net capital losses utilised after consolidation which the continuity of ownership test failed but satisfied the same business test Amount of net capital losses utilised after consolidation which the continuity of ownership test failed but satisfied the same business test - Inform the field the amount of net capital losses utilised during the income year by the head company after consolidation which did not satisfy the continuity of ownership and control tests but did satisfy tha same business test. Do not include film losses or foreign source losses. Amount of net capital losses, excluding film losses, carried forward to later income years which the same business test must be satisfied before they can be utilised Amount of net capital losses carried forward to later income years for which the same business test satisfied - Inform the field the amount of net capital losses carried forward to later income years for which the head company must satisfy the same business test to utilise these losses. Complying superannuation/FHSA class tax losses carried forward to later income years Complying superannuation/FHSA class tax losses carried forward to later income years - Inform the relevant field with the amount of complying superannuation/FHSA class tax losses carried forward to later income years. Generally, a life insurance company will have a tax loss of the complying superannuation/FHSA class for an income year if the company's complying superannuation deductions for that income year exceed the sum of the complying superannuation/FHSA assessable income for that income year, and net exempt income for the income year that is attributable to the company superannuation/FHSA assets Complying superannuation/FHSA net capital losses carried forward to later income years Complying superannuation/FHSA net capital losses carried forward to later income years - Inform the relevant field with the amount of complying superannuation/FHSA net capital losses carried forward to later income years. Generally, a life insurance company will have a tax loss for an income year if the life company's deductions for that income year exceed the sum of the assessable income for that income year, and net exempt income for the income year that is attributable to the complying superannuation/FHSA assets Foreign source losses - CFC losses deducted Foreign source losses - CFC losses deducted - Inform the field the total of the head company's share of losses of CFCs, from statutory accounting periods that end in prior income years, which have been claimed as notional allowable deductions for statutory accounting periods that end in the current income year. Foreign source losses - CFC losses carried forward Foreign source losses - CFC losses carried forward - Inform the field the total amount of the head company's share of losses of CFCs that are available to be carried forward to statutory accounting periods that end in later income years. Foreign source losses - Less - Loss amount attributable to Non Assessable Non Exempt Income Foreign source losses - All other foreign source income, excluding CFC losses, Less - Loss amount attributable to non-assessable non-exempt income (Net all other foreign source income) Foreign source losses - Total of Interest income losses, modified passive income losses, offshore banking income losses and net all other foreign source income losses (Total assessable foreign source income losses), excluding CFC losses Foreign source losses - Total of Interest income losses, modified passive income losses, offshore banking income losses and net all other foreign source income losses (Total assessable foreign source income losses) - Show the sum of the amount of unrecouped overall foreign loss for each of the four classes of assessable foreign income made in any of the most recent 10 income years ending before the commencement year. Exclude losses of controlled foreign companies. The loss year in which a head company is taken to have made an overall foreign loss, by virtue of subsection 707-140(1), is not relevant in determining whether the loss was made in the most recent 10 income years ending before the commencement year. It is the income year in which the joining entity actually incurred the loss that is relevant. See subsection 770-80(2) of the IT(TP)A. Foreign source losses - 50% of Total assessable foreign source income losses that were incurred for the 1998-99 to 2000-2001 income years (Starting Total), excluding CFC losses Foreign source losses - 50% of Total assessable foreign source income losses that were incurred for the 1998-99 to 2000-2001 income years (Starting Total) - This label requires a taxpayer with an overall foreign loss that was incurred more than seven income years, but not more than 10 income years, ending before the commencement year, to halve the loss remaining after summing the Total assessable foreign source income losses. This is also known as the starting total. Foreign source losses - Total amount of convertible foreign losses reduced where choice made to limit the starting total to the threshold, excluding CFC losses Foreign source losses - Total amount of convertible foreign losses reduced where choice made to limit the starting total to $10,000 - Where an entity's starting total is $10,000 or less, no special deductibility rules are applicable. Further, where an entity has a starting total of more than $10,000, the entity may choose to reduce one or more of their convertible foreign losses so that the starting total equals $10,000. In that case too, no special deductibility rules would apply, but the excess of the starting total over $10,000 would never be deductible. See section 770-15 of the IT(TP)A. Where the starting total is $10,000 or less, the entity can deduct the entire convertible foreign loss at the end of the commencement year (provided it has sufficient assessable income and the general loss recoupment tests are satisfied). If the entity chooses to reduce one or more of their convertible foreign losses such that their starting total equals $10,000, show the amount by which the convertible foreign losses are reduced. Foreign source losses - Total convertible foreign losses income- Total assessable foreign source income (G) less starting total (H) and Iess the total amount of convertible foreign losses reduced where the choice is made to limit the starting total to $10,000, excluding CFC losses (I) Foreign loss component of a tax loss-excludes losses of CFCs- Foreign loss component of tax losses deducted - included at the tax losses deducted label of your Company tax return Foreign loss component of a tax loss-excludes losses of CFCs- Foreign loss component of tax losses deducted - included at the tax losses deducted label of your Company tax return - Show the foreign loss component of tax losses deducted in this income year and include the amount of other tax losses deducted (if any), at the Tax losses deducted label of your company return Foreign loss component of a tax loss-excludes losses of CFCs- Foreign loss component of tax losses carried forward - included at the tax losses carried forward to later income years on your Company tax return Foreign loss component of a tax loss-excludes losses of CFCs- Foreign loss component of tax losses carried forward - included at the tax losses carried forward to later income years on your Company tax return - This amount is included at the tax losses carried forward to later income years on your tax return Foreign loss component of a tax loss-excludes losses of CFCs - Foreign loss component of tax loss transferred from joining entities Foreign loss component of a tax loss-excludes losses of CFCs - Foreign loss component of tax loss transferred from joining entities - Show the foreign loss component of tax losses transferred from joining entities during the income year. Foreign source losses - Controlled foreign company losses - Convertible CFC losses - The total of the entity's share of convertible CFC losses for the earlier statutory accounting periods Foreign source losses - Convertible CFC losses - A controlled foreign company (CFC) is no longer required to quarantine revenue losses into separate classes of notional assessable income. However, CFC losses continue to be quarantined in the CFC that incurred them. Tax losses reconciliation for consolidated groups - Balance of the undeducted amount of tax losses, excluding net capital losses and film losses, brought forward from the prior income year Tax losses reconciliation for consolidated groups - Balance of tax losses brought forward from the prior income year - Show the undeducted amount of tax losses incurred by the company and brought forward to the current year income year under section 36-17 of the ITAA 1997. The balance of losses brought forward from prior income years includes undeducted tax losses remaining within a bundle of losses (i.e. tax losses transferred in a prior income year under Subdivision 707-A). Tax losses reconciliation for consolidated groups - ADD Amount of overall foreign losses converted to tax losses, excluding net capital losses and film losses, in the current year Tax losses reconciliation for consolidated groups - ADD Amount of convertible foreign losses - Show any overall foreign losses converted to tax losses in the current year. Tax losses reconciliation for consolidated groups - ADD Tax losses transferred from joining entities under Subdivision 707-A Tax losses reconciliation for consolidated groups - ADD Tax losses transferred from joining entities under Subdivision 707-A - Show the amount of tax losses transferred from joining entities to the head company during the current year income year. Note: tax losses transferred from joining entities in prior years are included at the label - Balance of losses brought forward from prior income years. Tax losses reconciliation for consolidated groups - SUBTRACT Amount of net forgiven debt applied to reduce tax losses Tax losses reconciliation for consolidated groups - SUBTRACT Net forgiven amount of debt - Tax losses brought forward and losses transferred from joining entities are reduced by any commercial debt forgiveness amounts (Division 245 of Schedule 2C to the ITAA 1936). If a commercial debt owed by the company is forgiven during the income year, apply the net amount of debts forgiven to reduce the company's deductible revenue losses, net capital losses, certain undeducted revenue or capital expenditure and the cost bases of CGT assets, in that order. Show the total net forgiven amount applied to reduce tax losses (if any) incurred in years of income before the forgiveness year of income or to reduce tax losses transferred under Subdivision 707-A from joining entities in the current year. Tax losses reconciliation for consolidated groups - ADD Tax loss, excluding net capital losses and film losses, incurred during current year, disregarding net exempt income and excess franking credits Tax losses reconciliation for consolidated groups - ADD Tax loss incurred (if any) during current year - Show the company's tax loss for the year disregarding net exempt income and excess franking offsets. Note: There is a limit on the total of the amount you can deduct for the income year for gifts and contributions (section 26-55 of the ITAA 1997). A tax loss cannot be produced or increased by the deduction allowable under Division 30 of the ITAA 1997, which is about deductions for gifts or contributions. Tax losses reconciliation for consolidated groups - ADD Tax loss amount, excluding net capital losses and film losses, from conversion of excess franking offsets Tax losses reconciliation for consolidated groups - ADD Tax loss amount from conversion of excess franking offsets - If the company has excess franking offsets, it must convert the excess franking offsets into an amount of tax loss to carry forward to later income years. You convert the amount of excess franking offsets into a tax loss by dividing the excess franking offsets amount by the corporate tax rate which gives you that tax loss amount. Tax losses reconciliation for consolidated groups - SUBTRACT Net exempt income to be taken into account in calculating the company's tax loss or carried forward tax loss, excluding net capital losses and film losses Tax losses reconciliation for consolidated groups - SUBTRACT Net exempt income - Show the amount of net exempt income to be taken into account in calculating the company's tax loss or carried forward tax loss. You are required to first deduct a prior year tax loss from any net exempt income in the later income year. If the entity has: net exempt income; and assessable income exceeds allowable deductions (other than the tax loss), the tax loss has to be first applied against net exempt income and then the entity can deduct the amount of the tax loss (if any remains) that it chooses, subject to certain limitations (see subsections 36-17(3) and (5) of the ITAA 1997). Conversely, if the entity has: net exempt income; and allowable deductions (other than the tax loss) exceed assessable income, that excess must be applied against net exempt income and then the tax loss must be applied against any net exempt income that remains (subsection 36-17(4) of the ITAA 1997). Tax losses reconciliation for consolidated groups - SUBTRACT Tax losses cancelled or forgone, excluding net capital losses and film losses Tax losses reconciliation for consolidated groups - SUBTRACT Tax losses cancelled or forgone - A company cannot deduct a tax loss unless: (a) it has the same owners and the same control throughout the period from the start of the loss year to the end of the income year; or (b) it satisfies the same business test by carrying on the same business, entering into no new kinds of transactions and conducting no new kinds of business. See Subdivision 165-A of the ITAA 1997. Tax losses reconciliation for consolidated groups - SUBTRACT Tax losses, excluding net capital losses and film losses, transferred out under Subdivision 170-A of the ITAA 1997 Tax losses reconciliation for consolidated groups - SUBTRACT Tax losses transferred out under Subdivision 170-A - A group company may transfer the whole or a part of a tax loss to another company where: * both companies are members of the same wholly-owned group, and * one of the companies is: - an Australian branch of a foreign bank, or - an Australian PE of a foreign financial entity if the tax loss is for an income year commencing on or after 26 June 2005, and *the other company is: - the head company of a consolidated group or MEC group, or - not a member of a consolidatable group, and *the further conditions in Subdivision 170-A of the ITAA 1997 are satisfied. Tax losses reconciliation for consolidated groups - Total tax losses carried forward to later income years Tax losses reconciliation for consolidated groups - Total tax losses carried forward to later income years - Show the total of tax losses carried forward to later income years. Tax losses reconciliation for consolidated groups - SUBTRACT Transferred tax losses with a nil available fraction that has been applied Tax losses reconciliation for consolidated groups - SUBTRACT Transferred tax losses with a nil available fraction that has been applied - This ensures that if the transferred losses of a joining entity have an available fraction of nil, the head company can apply the losses to: *reduce a net forgiven amount under the commercial debt forgiveness rules; *reduce a capital allowance that is adjusted under the limited recourse debt rules; or *reduce the capital gain that arises under CGT event L5 when the joining entity subsequently leaves the group. Foreign source losses - excludes losses of CFCs - Interest income Foreign source losses - excludes losses of CFCs - Modified passive income Foreign source losses - excludes losses of CFCs - Offshore banking income Foreign source losses - excludes losses of CFCs - All other foreign source income Foreign source losses - excludes losses of CFCs - Interest income - Inform the field the amounts of foreign source losses, if any, for interest income that has been transferred from joining entities, including the head company, to the head company during the income year. The amount of the foreign loss is calculated as follows: Where no assessable foreign income was derived for a class during the income year, the foreign loss is equal to the total 'foreign income deductions' for that class. Where assessable foreign income was derived for a class during the income year, the foreign loss is equal to the excess of 'foreign income deductions' for that class over the assessable foreign income. When an entity joins a consolidated group as a subsidiary member part way through the entity's income year, it calculates its taxable income or loss for the period up to the time it joins the group. Generally, any unused carry forward losses are transferred to the head company if the losses could have been used by the joining entity, assuming sufficient income, in the 'trial year', which generally begins 12 months before joining the consolidated group and ends immediately after the joining time. In certain circumstances, the trial year may be a shorter period than 12 months. Whether the losses could have been used by the joining entity in the trial year is determined by applying modified versions of the usual tests for deducting and applying losses. A joining entity is any eligible entity that joins a consolidated group. For details of who can and cannot be members of a consolidated group, refer to the appropriate sections of the ITAA 1997. Complete this item only if the entity uses an early substituted accounting period and this is your first income year starting after July 1 2008. Do not complete this item if you completed it in the 2008-09 income year. Foreign source losses - excludes losses of CFCs - Modified passive income - Inform the field the amounts of foreign source losses, if any, for modified passive income that has been transferred from joining entities, including the head company, to the head company during the income year. The amount of the foreign loss is calculated as follows: Where no assessable foreign income was derived for a class during the income year, the foreign loss is equal to the total 'foreign income deductions' for that class. Where assessable foreign income was derived for a class during the income year, the foreign loss is equal to the excess of 'foreign income deductions' for that class over the assessable foreign income. When an entity joins a consolidated group as a subsidiary member part way through the entity's income year, it calculates its taxable income or loss for the period up to the time it joins the group. Generally, any unused carry forward losses are transferred to the head company if the losses could have been used by the joining entity, assuming sufficient income, in the 'trial year', which generally begins 12 months before joining the consolidated group and ends immediately after the joining time. In certain circumstances, the trial year may be a shorter period than 12 months. Whether the losses could have been used by the joining entity in the trial year is determined by applying modified versions of the usual tests for deducting and applying losses. A joining entity is any eligible entity that joins a consolidated group. For details of who can and cannot be members of a consolidated group, refer to the appropriate sections of the ITAA 1997. Complete this item only if the entity uses an early substituted accounting period and this is your first income year starting after July 1 2008. Do not complete this item if you completed it in the 2008-09 income year. Foreign source losses - excludes losses of CFCs - Offshore banking income - Inform the field the amounts of foreign source losses, if any, for offshore banking income that has been transferred from joining entities, including the head company, to the head company during the income year. The amount of the foreign loss is calculated as follows: Where no assessable foreign income was derived for a class during the income year, the foreign loss is equal to the total 'foreign income deductions' for that class. Where assessable foreign income was derived for a class during the income year, the foreign loss is equal to the excess of 'foreign income deductions' for that class over the assessable foreign income. When an entity joins a consolidated group as a subsidiary member part way through the entity's income year, it calculates its taxable income or loss for the period up to the time it joins the group. Generally, any unused carry forward losses are transferred to the head company if the losses could have been used by the joining entity, assuming sufficient income, in the 'trial year', which generally begins 12 months before joining the consolidated group and ends immediately after the joining time. In certain circumstances, the trial year may be a shorter period than 12 months. Whether the losses could have been used by the joining entity in the trial year is determined by applying modified versions of the usual tests for deducting and applying losses. A joining entity is any eligible entity that joins a consolidated group. For details of who can and cannot be members of a consolidated group, refer to the appropriate sections of the ITAA 1997. Complete this item only if the entity uses an early substituted accounting period and this is your first income year starting after July 1 2008. Do not complete this item if you completed it in the 2008-09 income year. Foreign source losses - excludes losses of CFCs - All other foreign source income - Inform the field the amounts of foreign source losses, if any, for all other foreign source income that has been transferred from joining entities, including the head company, to the head company during the income year. The amount of the foreign loss is calculated as follows: - Where no assessable foreign income was derived for a class during the income year, the foreign loss is equal to the total 'foreign income deductions' for that class. - Where assessable foreign income was derived for a class during the income year, the foreign loss is equal to the excess of 'foreign income deductions' for that class over the assessable foreign income. When an entity joins a consolidated group as a subsidiary member part way through the entity's income year, it calculates its taxable income or loss for the period up to the time it joins the group. Generally, any unused carry forward losses are transferred to the head company if the losses could have been used by the joining entity, assuming sufficient income, in the 'trial year', which generally begins 12 months before joining the consolidated group and ends immediately after the joining time. In certain circumstances, the trial year may be a shorter period than 12 months. Whether the losses could have been used by the joining entity in the trial year is determined by applying modified versions of the usual tests for deducting and applying losses. A joining entity is any eligible entity that joins a consolidated group. For details of who can and cannot be members of a consolidated group, refer to the appropriate sections of the ITAA 1997. Complete this item only if the entity uses an early substituted accounting period and this is your first income year starting after July 1 2008. Do not complete this item if you completed it in the 2008-09 income year. Net capital losses carried forward to later income years - Group Net capital losses carried forward to later income years - Transferred Net capital losses carried forward to later income years - Total Net capital losses carried forward to later income years - Group - Inform the field of the amount of group net capital losses carried forward to later income years under section 102-15 of the ITAA 1997. Group net capital losses are those net capital losses that have been generated by the consolidated group. Do not include tax losses, film losses or foreign source losses Net capital losses carried forward to later income years - Transferred - Inform the field of the amount of transferred net capital losses carried forward to later income years. Transferred net capital losses are net capital losses that have been made outside the consolidated group and transferred into the group from an entity when it joined the group. Any concessional transferred net capital losses carried forward are also included . Net capital losses carried forward to later income years - Total - Inform the field the amount of total of net capital losses carried forward to later income years. This amount transfers to the Company/Trust income tax return. CGLSLodgeRequest [Abstract] JoiningEntity [Abstract] Report [Abstract] ReportingParty [Abstract] ReportingParty.AllOtherForeignSourceIncome [Abstract] ReportingParty.COTFailedSBTPassed [Abstract] ReportingParty.COTPassed [Abstract] ReportingParty.COTTrust [Abstract] ReportingParty.Group [Abstract] ReportingParty.InterestIncome [Abstract] ReportingParty.ModifiedPassiveIncome [Abstract] ReportingParty.OffshoreBankingIncome [Abstract] ReportingParty.Total [Abstract] ReportingParty.Transferred [Abstract] ReportingParty.Y0Minus1 [Abstract] ReportingParty.Y0Minus10SAP [Abstract] ReportingParty.Y0Minus2 [Abstract] ReportingParty.Y0Minus3 [Abstract] ReportingParty.Y0Minus4Plus [Abstract] ReportingParty.Y0 [Abstract] Transferor [Abstract]