Tax Collection 3 Capital Losses Applied Amount The amount of applied capital losses against capital gains. Inform the relevant field within the schedule with the amount transferred from the amount calculated using the relevant worksheet. Apply or deduct the current year capital losses against any capital gain made during the year. Any amount that can be applied in the current year cannot be deferred to a later year. Any amount carried over can be used to reduce further capital gains. Currently, there is no time limit on how long any net capital losses can be carried forward. Capital Losses CGT Assets Or Events Other Amount The amount of capital losses for current year on other Capital Gains Tax (CGT) assets and any other CGT events. Inform the relevant field with the amount transferred from the amount calculated on the worksheet. A capital loss has occurred where a reduced cost base is greater than any capital proceeds. The resulting excess is the capital loss. It should be noted that the reduced cost base is not relevant for some types of Capital Gains Tax (CGT) events. Do not index a reduced cost base. Capital Losses Deducted Continuity Of Majority Ownership Test Failed But Same Business Test Passed Amount The total amount of net capital losses applied during the income year and claimed as a deduction where the entity has not met the majority ownership test but satisfied the same business test. Inform the relevant field with the amount of net capital losses applied by a company that do not meet the continuity of majority ownership test but satisfies the same business test. Capital Losses Forestry Managed Investment Scheme Interest Current Amount The amount of capital losses incurred for the current year from forestry managed investment scheme interest. Inform the relevant field with amount transferred from the amount calculated on the worksheet. For most Capital Gains Tax (CGT) events, a taxpayer makes a ``capital loss'' if the taxpayer's total costs (without any indexation for inflation) associated with that CGT event are more than the capital amounts the taxpayer receives, or is entitled to receive, from the CGT event. A capital loss is made if the reduced cost base is greater than the capital proceeds. The excess is the capital loss. However, the reduced cost base is not relevant for some types of CGT events. Do not index a reduced cost base. Capital Losses Hedging Financial Arrangements Amount The amount of capital losses for the current year on hedging financial arrangements. Capital Losses Real Estate Amount The amount of Capital losses on assets from real estate. Real estate includes vacant blocks of land, business premises, rental properties, holiday houses and hobby farms. Inform the relevant field with the amount transferred from the amount calculated on the worksheet. A capital loss has occurred where a reduced cost base is greater than any capital proceeds. The resulting excess is the capital loss. It should be noted that the reduced cost base is not relevant for some types of Capital Gains Tax (CGT) events. Do not index a reduced cost base. Capital Losses Shares And Units In Unit Trusts Amount The amount of capital losses for the current year on shares and units (in unit trusts). Inform the relevant field with the amount transferred from the amount calculated on the worksheet. A capital loss has occurred where a reduced cost base is greater than any capital proceeds. The resulting excess is the capital loss. It should be noted that the reduced cost base is not relevant for some types of Capital Gains Tax (CGT) events. Do not index a reduced cost base. Capital Losses Transferred From Joining Entities After Consolidation Amount The amount of net capital losses transferred from joining entities (including head company) after consolidation because the continuity of ownership test, same business test or other losses test (trusts only) were satisfied. 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. Capital Losses Transferred From Joining Entities Including Head Company Net Amount The amount of net capital losses transferred from joining entities (including head company) at consolidation because the continuity of ownership test, same business test or other losses test (trusts only) were satisfied. 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. Capital Losses Transferred Utilised Amount The corresponding amount of transferred net capital losses utilised from loss bundles of joining entities whose TFN's are recorded as having had net capital losses from their loss bundles utilised 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. Capital Losses Transferred Utilised Fraction The corresponding available fractions calculated for those joining entities whose TFN's are recorded as having had net capital losses from their loss bundles utilised 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. Capital Losses Utilised After Consolidation Ownership Continuity Test Not Passed And Same Business Test Amount The amount of losses utilised after consolidation, for which the continuity of ownership test is not passed but the same business test is satisfied. Capital Losses Utilised Net Amount The amount of group net capital losses utilised. 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. Capital Losses Carried Forward Complying Superannuation FHSA Class Amount The amount of companying superannuation or FHSA net capital losses carried forward to later income years. Inform the relevant field with the amount of complying superannuation or 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 assets. Capital Losses Carried Forward Net Amount The amount of net capital losses carried forward to later income years. Inform the relevant field with the amount of any unapplied net capital loss made by the entity in the specified income year that can be carried forward and applied to reduce capital gains in later income years. If there is no net capital loss from the specified income year available to be carried forward to later income years, leave the field blank. Capital Losses Carried Forward Same Business Test Passed Before Being Utilised Amount The amount of losses carried forward to later income years for which the head company must satisfy the same business test to utilise these losses Capital Losses Carried Forward Unapplied Collectables Amount The amount of unapplied net capital losses for collectables from earlier years remaining after the deduction of any capital gains made between the year(s) when the losses were made and the current year. Inform the relevant field with the amount transferred from the amount calculated on the worksheet. Any unapplied net capital losses from other Capital Gains Tax (CGT) assets and CGT events can be carried forward but in later income years they can only be used to reduce any capital gains from other CGT assets and CGT events (not from collectables). There is no time limit on how long these losses can be carried forward. Unapplied net capital losses from earlier years are used to reduce capital gains in the current year (after those capital gains have been reduced by any capital losses in the current year). Capital Losses Carried Forward Unapplied Other Amount The amount of unapplied net capital losses for Capital Gains Tax (CGT) assets and CGT events from earlier years remaining after the deduction of any capital gains made between the year(s) when the losses were made and the current year. Inform the relevant field with the amount transferred from the amount calculated on the worksheet. Any unapplied net capital losses from other Capital Gains Tax (CGT) assets and CGT events can be carried forward but in later income years they can only be used to reduce any capital gains from other CGT assets and CGT events (not from collectables). There is no time limit on how long these losses can be carried forward. Unapplied net capital losses from earlier years are used to reduce capital gains in the current year (after those capital gains have been reduced by any capital losses in the current year). Capital Gains Tax After Applying Capital Losses Amount The amount of capital gains on assets for the current year after losses have been applied. Inform the relevant field with the entity's current year capital gains after reducing it by the current year capital losses, prior year net capital losses and capital losses transferred in under the indexation method. Capital Gains Tax Assets Or Events Amount The amount of capital gains on assets from other Capital Gains Tax (CGT) assets and any other CGT events. Using the indexation method within the worksheet, calculate any capital gain if a Capital Gains Tax (CGT) asset was acquired before 11.45am (by legal time in the Australia Capital Territory) on 21 September 1999. A capital gain or capital loss will only arise to the extent that a depreciating asset is used for a non-taxable purpose (for example, used privately). Where necessary, inform the relevant field with the increased cost base by applying an indexation factor (based on increases in the consumer price index up to September 1999). Do not use the indexation method for CGT assets acquired after 11.45am (by legal time in the ACT) on 21 September 1999, or expenditure relating to a CGT asset acquired after that date. Inform the relevant field within the schedule the amount transferred from the amount calculated on the worksheet. For CGT events after 11.45am (by legal time in the ACT) on 21 September 1999, the discount method may give a more satisfactory result. Capital Gains Tax Collectables Amount The amount of Capital Gains on assets from collectables. A collectable can be an artwork, metal, jewellery, an antique, a coin or medallion, a rare folio, manuscript or book or a postage stamp or first day cover that is used or kept mainly for (or an associate's) personal use or enjoyment. Using the indexation method within the worksheet, calculate any capital gain if a Capital Gains Tax (CGT) asset was acquired before 11.45am (by legal time in the Australia Capital Territory) on 21 September 1999. Where necessary, inform the relevant field with the increased cost base by applying an indexation factor (based on increases in the consumer price index up to September 1999). Do not use the indexation method for CGT assets acquired after 11.45am (by legal time in the ACT) on 21 September 1999, or expenditure relating to a CGT asset acquired after that date. Inform the relevant field within the schedule the amount transferred from the amount calculated on the worksheet. For CGT events after 11.45am (by legal time in the ACT) on 21 September 1999, the discount method may give a better result. Only use capital losses from collectables to reduce capital gains (including future capital gains) from collectables. However, disregard any capital gain or capital loss made from a collectable if any of the following apply: a collectable was acquired for $500 or less; an interest in the collectable was acquired for $500 or less before 16 December 1995; or an interest in the collectable was acquired which had a market value of $500 or less. Capital Gains Tax Forestry Managed Investment Scheme Interest Amount Total amount of the income from each Forestry Managed Investment Scheme (FMIS) activities in which the entity holds a forestry interest. Inform the relevant field with the amount transferred from the amount calculated on the worksheet. Using the discount method within the worksheet, calculate the capital gain if the CGT event happened after 11.45am (by legal time in the ACT) on 21 September 1999, the asset was acquired at least 12 months before the CGT event. Do not index the cost base, but it is possible to reduce any capital gain by the CGT discount. Reduce any capital gains by the amount of any capital losses made in the year and any unapplied net capital losses from earlier years. Discount any remaining capital gain. Inform the relevant field within the schedule the amount transferred from the amount calculated on the worksheet. If the asset was acquired before 11.45am (by legal time in the ACT) on 21 September 1999, you may be able to choose either the discount method or the indexation method, whichever gives you the better result. Capital Gains Tax Forestry Managed Investment Scheme Indicator The question requires a response to CGT events that specifically occur in relation to a forestry managed investment scheme interest by the company. If you answered in the affirmative for the associated question: Did you have a CGT event during the year? Answer in the affirmative for this question if the GST event relates to a forestry managed investment scheme interest that you held other than as an initial participant. You need to complete a Capital gains tax (CGT) schedule if the company has a CGT event in relation to an FMIS interest that is held other than as an initial participant, - total current year capital gains for the income year greater than $10,000, or - total current year capital losses for the income year greater than $10,000. Capital Gains Tax Hedging Financial Arrangements Amount The amount of capital gains on non-active assets from hedging financial arrangements. A non-active asset is any asset that does not meet the definition and conditions of an active asset. Capital Gains Tax Real Estate Amount The amount of Capital gains on assets from real estate. Real estate includes vacant blocks of land, business premises, rental properties, holiday houses and hobby farms. Using the indexation method within the worksheet, calculate any capital gain if a Capital Gains Tax (CGT) asset was acquired before 11.45am (by legal time in the Australia Capital Territory) on 21 September 1999. Where necessary, inform the relevant field with the increased cost base by applying an indexation factor (based on increases in the consumer price index up to September 1999). Do not use the indexation method for CGT assets acquired after 11.45am (by legal time in the ACT) on 21 September 1999, or expenditure relating to a CGT asset acquired after that date. Inform the relevant field within the schedule the amount transferred from the amount calculated on the worksheet. For CGT events after 11.45am (by legal time in the ACT) on 21 September 1999, the discount method may give a more satisfactory result. Capital Gains Tax Same Majority Underlying Ownership PreCGT Assets Indicator Indicates if there was any change in the majority ownership of any assets the entity acquired before 20 September 1985 Inform the relevant field whether or not there was a change in the majority underlying ownership in any assets the company acquired before 20 September 1985. If there was a change, inform the field with N for No. In this case, the cost base of the relevant asset(s) is reset under Division 149. If there was no change, inform the field with the appropriate symbol. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Common Stakeholder Interests Cost Base Amount The total amount of the cost base of the significant common stakeholder interests acquired. The first element of the cost base of a Capital Gains Tax (CGT) asset is generally the acquisition cost of the asset. Inform the relevant field with the total of the first element of the cost bases of the shares, or units or other interests, or options, rights or similar interests in the original entity (original interests) acquired directly from significant and common stakeholders for the arrangement, or issued by the original entity to the company or trust and attributable to original interests of significant and common stakeholders that were cancelled under the arrangement. This field should be left blank if there is no cost base of the significant common stakeholder interests acquired. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Element Of Cost Base Amount The total amount of the first element of the cost base of the interests acquired. Inform the relevant field with the total of the first element of the cost bases of the shares, units or other interests, options, rights or similar interests acquired in the original entity as a result of the arrangement. The cost base of an original interest acquired by an acquiring entity under the arrangement from an original interest holder becomes the first element of the cost base and reduced cost base of the acquiring entity for the interest if the original interest holder obtains a roll-over; and the holder is a *significant stakeholder or a *common stakeholder for the arrangement. Note that for other interests, for example, interests for which the roll-over is not chosen, the cost base will be worked out under the ordinary cost base rules . Also note that there is a special rule to determine the cost base of equity or debt given to an ultimate holding company by an acquiring entity under an arrangement. For the allocation of cost base in cancellation case, the cost base and reduced cost base of any interests (the new interests) issued by the original entity to an acquiring entity if the original interests of an original interest holder are cancelled under the arrangement; and the holder obtains a roll-over for the cancellation; and the holder is a significant stakeholder or a common stakeholder for the arrangement. The first element of the cost base and reduced cost base of the new interests of an acquiring entity is that part of the cost base of the cancelled interests as can be reasonably allocated to the new interests, having regard to the nature of the arrangement; and the number, type and relative market values of the cancelled interests and the new interests; and any other relevant matters. The amount allocated to a new interest must not be more than its market value just after the arrangement was completed. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Joint Choice Indicator Question to determine if the company or trust jointly with a significant or common stakeholder, chose to receive a rollover. Inform the relevant field with Y if the answer is Yes or N if the answer is No to the question if the company or trust jointly with a significant or common stakeholder choose to receive a rollover. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Number Of Original Entities Count The number of original entities which were acquired. If interests were acquired in more than one original entity, inform the relevant field with the number of original entities subject to such arrangements and provide the information requested for the arrangement involving the greatest cost base for the interests acquired. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Options Rights Issued Count The number of options, rights or similar interests issued in exchange for the options, rights or similar interests acquired in the other entity. Inform the relevant field with the number of options, rights or similar interests issued in exchange for the options, rights or similar interests acquired in the other entity. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Other Considerations Amount The amount of other considerations (including cash) given to acquire the shares, units or other interests, options, rights or similar interests in the original entity. Inform the relevant field with the amount of other considerations (including cash) given to acquire the shares, units or other interests, options, rights or similar interests in the original entity. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Shares Units Issued Count The number of shares, units or other interests issued in exchange for the shares or units or other interests acquired in the original entity. Inform the relevant field with the number of shares, units or other interests issued in exchange for the shares or units or other interests acquired in the original entity. Capital Gains Tax Scrip For Scrip Rollover Acquiring Entities Indicator A question to determine if the company or trust was an acquiring entity Inform the relevant field with either a Y for Yes or N for No if the company or trust was an ?acquiring entity? during the income year under an arrangement for which original interest holders qualified for scrip-for-scrip rollover. Capital Gains Tax Scrip For Scrip Rollover Exchanging Taxpayer Cash And Other Considerations Amount The amount received by way of cash or other considerations as exchange for the original shares Inform the relevant field with the total of the amount of cash and other considerations received. Do not include any amount already included at replacement interests market value. Capital Gains Tax Scrip For Scrip Rollover Exchanging Taxpayer Chosen Indicator Indicate if the entity chose a scrip for scrip rollover when an arrangement was made to exchange original interests for replacement interests. Inform the relevant field with the appropriate symbol. If a company in which an individual owned shares was taken over and that individual received new shares in the takeover company, there may be an entitlement to scrip-for-scrip rollover. The individual may also be eligible for this rollover if the individual exchanged a unit or other interest in a fixed trust, for a similar interest in another fixed trust. Scrip-for-scrip rollover is not available if a share is exchanged for a unit or other interest in a fixed trust, or if a unit or other interest in a fixed trust is exchanged for a share. The individual can only choose the rollover if that individual has made a capital gain from such an exchange on or after 10 December 1999. Rollover does not apply to a capital loss. Rollover is only available if the exchange is in consequence of an arrangement that results in the acquiring entity (or the wholly owned group of which it is a member) becoming the owner of 80% or more of the original company or trust. For companies, the arrangement must be one in which all owners of voting shares in the original entity can participate. For trusts, this means all owners of trust voting interests in the original entity or, if there are no voting interests, all owners of units or other fixed interests can participate. There are special rules if a company or trust has a small number of shareholders or beneficiaries or there is a significant common stakeholder. If the company or trust does not let the individual know, further information will be required about whether the conditions have been satisfied. The rollover allows the individual to disregard the capital gain made from the original shares, units or other interest. The individual is taken to have acquired the replacement shares, units or other interest for the cost base of the original interest. The individual can apply the CGT discount when disposing of new shares providing the combined period that the individual owned the original shares and the new shares is at least 12 months. The same applies to units in a trust. Note that the individual is required to deduct any capital losses (including unapplied net capital losses from earlier years) from any capital gains before applying the CGT discount. The individual may only be eligible for partial rollover if there is an exchange of shares, units or interests for similar interests in another entity (replacement interest) plus something else, usually cash. This is because rollover applies only to the replacement interest. The individual will need to apportion the cost base of the original interest between the replacement interest and the cash (or other proceeds not eligible for rollover). If the individual's original shares, units or other interests were acquired before 20 September 1985 (pre-CGT), the individual is not eligible for scrip-for-scrip rollover. Instead, the individual will acquire the replacement interest at the time of the exchange and the replacement interest is no longer a pre-CGT asset. However, if the arrangement is one that would otherwise qualify for scrip-for-scrip rollover, the cost base of the replacement interest is its market value just after the acquisition. Capital Gains Tax Scrip For Scrip Rollover Exchanging Taxpayer Original Interests Cost Base Amount The amount of the original costs base of the original interests exchanged. Original interests are shares or units or other interests (or an option, right or similar interest in a company or trust), while replacement interests are similar interests in another company or trust. The cost base of a Capital Gains Tax (CGT) asset is generally the cost of the asset when bought; however, it also includes certain other costs associated with acquiring, holding and disposing of the asset. Inform the relevant field with the amount of the cost base for all of the original interests exchanged (regardless of whether or not full rollover was available). Original interests are shares or units or other interests (or an option, right or similar interest in a company or trust), while replacement interests are similar interests in another company or trust. The cost base of a Capital Gains Tax (CGT) asset is generally the cost of the asset when bought; however, it also includes certain other costs associated with acquiring, holding and disposing of the asset. For most CGT events, the cost base of the CGT asset is needed to work out whether or not a capital gain was made. If a capital loss may have been made, the reduced cost base of the CGT asset is needed for the calculation. Capital Gains Tax Scrip For Scrip Rollover Exchanging Taxpayer Replacement Interests Market Value Amount This is the market value of the replacement scrip. Inform the relevant field with the total of the market value of the replacement interests acquired. Capital Gains Tax Shares And Units In Unit Trusts Amount The amount of capital gains on assets from shares and units (in unit trusts). Using the indexation method within the worksheet, calculate any capital gain if a Capital Gains Tax (CGT) asset was acquired before 11.45am (by legal time in the Australia Capital Territory) on 21 September 1999. Where necessary, inform the relevant field with the increased cost base by applying an indexation factor (based on increases in the consumer price index up to September 1999). Do not use the indexation method for CGT assets acquired after 11.45am (by legal time in the ACT) on 21 September 1999, or expenditure relating to a CGT asset acquired after that date. Inform the relevant field within the schedule the amount transferred from the amount calculated on the worksheet. For CGT events after 11.45am (by legal time in the ACT) on 21 September 1999, the discount method may give a more satisfactory result. Capital Gains Tax Total Amount The amount of discount on capital gains assets. Inform the relevant field with the amount transferred from the amount calculated on the worksheet. Companies are not eligible for the CGT discount unless they are life insurance companies or friendly societies that carry on life insurance business. These companies may be entitled to the Capital Gains Tax (CGT) discount for their complying superannuation business. Calculate the CGT discount that applies to the capital gains at the relevant field using the discount method from non-active assets . The CGT discount percentage is 33 1/3% for complying superannuation entities, or 50% for individuals and trusts. Elections Interposed Entity Election Or Revocation Code Code to indicate whether the Interposed entity was elected or revoked during the reporting period. Inform the relevant field with the appropriate code to identify the use of the lodgment. E = Election, R = Revocation Elections Trading Stock Indicator It is the indication whether the company elected to value an item of trading stock below the lowest value of cost, market selling value or replacement value because of obsolescence or any other special circumstances. Inform the relevant field with the appropriate action code if applicable for trading stock election. The value that is elected must be reasonable. If an election is made, inform "Y" for yes in this field, otherwise leave blank. Tax Losses All Other Foreign Source Income Net Amount This is the sub total of All other foreign source income Less the Loss amount attributable to non-assessable non-exempt income Tax Losses Assessable Foreign Source Income Total Amount 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. Tax Losses Attributable to Foreign Non Assessable Non Exempt Income Amount The loss amount attributable to non assessable non exempt income Tax Losses Balance Of Tax Losses Brought Forward From Prior Year Amount The balance of tax losses brought forward from the prior income years. The undeducted and not transferred ? amount of tax losses incurred by the entity and brought forward to the current income year under section 36-17 of the ITAA 1997. Tax Losses Choice To Reduce Convertible Foreign Losses To Starting Total Threshold Amount The total amount of convertible foreign losses reduced where choice made to limit the starting total to $10,000 Tax Losses Controlled Foreign Company Convertible Amount Total of the entity?s share of convertible CFC losses for the earlier statutory accounting periods 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 Controlled Foreign Company Deducted Amount The total of the head company?s share of losses of CFCs, from prior income years, which have been claimed in the current income year 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. Tax Losses Conversion Of Excess Franking Offsets Amount The amount of tax loss from the conversion of excess franking offsets. If the entity 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 the tax loss amount. Tax Losses Convertible Foreign Losses Income Total Amount Foreign source losses - Total convertible foreign losses income- Total assessable foreign source income less starting total and Iess the total amount of convertible foreign losses reduced, where the choice is made to limit the starting total to $10,000 Tax Losses Convertible Foreign Losses Amount The amount of overall foreign losses (excluding capital losses) converted to tax losses in the current year. Show any overall foreign losses (excluding capital losses) converted to tax losses in the current year. Tax Losses Exempt Income Net Amount The amount of net exempt income to be taken into account in calculating the entity'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 limitation. (subsection 36-17(3) 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 Foreign Loss Component Excluding Controlled Foreign Company Deducted Amount The amount of foreign loss component of tax losses deducted but excluding the tax loss component of CFC losses. Show the amount, with other tax losses deducted (if any), at the Tax losses deducted label of your company tax return Tax Losses Foreign Loss Component Of Tax Loss Transferred From Joining Entities Amount The foreign source 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. Tax Losses Foreign Source Income Starting Total Amount 50% of Total assessable foreign source income losses that were incurred in the last ten substituted accounting period (SAP) income years Tax Losses Forgiven Debt Net Amount The total net forgiven amount of debt applied to reduce tax losses (if any) incurred in years of income before the forgiveness year of income. Tax losses brought forward 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 base of CGT assets, in that order. Tax Losses Forgone Amount The amount of tax losses that have been forgone by the entity, i.e. tax losses that will not be deducted in any later income year 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 Incurred Amount The entity?s tax loss incurred for the specified year disregarding net exempt income and excess franking offsets. 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 Transferred From Joining Entities After Consolidation Amount The amount of losses transferred from joining entities (including head company) after consolidation because the continuity of ownership test, same business test or other losses test (trusts only) were satisfied. 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 Including Head Company Amount The amount of losses transferred from joining entities (including head company) at consolidation because the continuity of ownership test, same business test or other losses test (trusts only) were satisfied. Tax Losses Transferred From Joining Entities Under Subdivision 707 A Amount The amount of tax losses transferred from joining entities to the head company during the current year income year. 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 Transferred Loss Cancelled By Head Company Amount The amount of losses cancelled by joining entities whose TFN is recorded as having had the transfers of losses cancelled Tax Losses Transferred Loss Cancelled By Head Company Indicator An indicator to determine if the head company cancelled the transfer of a loss of a joining entity Tax Losses Transferred Loss Utilised Apportionment Rules Applied Indicator An indicator to determine if the apportionment rules were applied? Tax Losses Transferred Loss Which First Failed The Continuity Of Ownership Or Control Tests Amount For each joining company that transferred a same business test, tax or net capital loss to the head company of a consolidated group the total amount of losses which first failed the continuity of ownership or control tests in the current income year. Tax Losses Transferred Out Amount The amount of tax losses transferred out by the company to group companies under Subdivision 170-A of the ITAA 1997. The amount of tax losses transferred out by the company to group companies under Subdivision 170-A of the ITAA 1997 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 Transferred Utilised Fraction The corresponding available fractions calculated for those transferring entities whose TFN's are recorded as having had tax losses or net capital losses from their loss bundles utilised Tax Losses Transferred With Nil Available Fraction Applied Amount The amount of transferred tax losses with a nil available fraction that have been applied Tax Losses Utilised After Consolidation Ownership Continuity Test Not Passed And Same Business Test Amount The amount of tax losses utilised after consolidation, for which the continuity of ownership test is not passed but the same business test is satisfied. Tax Losses Carried Forward Complying Superannuation FHSA Class Amount The amount of complying superannuation or FHSA class tax losses carried forward to later income years. Inform the relevant field with the amount of complying superannuation or FHSA class tax losses carried forward to later income years. Generally, a life insurance company will have a tax loss of the complying superannuation class for an income year if the company?s complying superannuation deductions for that income year exceed the sum of the complying superannuation assessable income for that income year, and net exempt income for the income year that is attributable. Tax Losses Carried Forward Controlled Foreign Company Amount The total amount of the head company?s share of losses of CFCs that are available to be carried forward to later income years 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. Tax Losses Carried Forward Foreign Loss Component Excluding Controlled Foreign Companies Amount The amount of foreign loss component of tax losses carried forward, excluding excludes losses of CFCs. This amount is included at the tax losses carried forward to later income years on your tax return Tax Losses Carried Forward Foreign Source Convertible Losses Amount The amount of convertible foreign source losses that is available to be carried forward to later income years. Inform the relevant field with the starting total amount of foreign source loss, if any, that is available to be carried forward to later income years. Tax Losses Carried Forward Later Income Years Total Amount Total tax losses carried forward to later income years The total of tax losses carried forward to later income years.