This support note applies to:
- AO Classic Tax (AU)
- AO Tax (AU)
- AE Tax (AU)
- AE Tax Series 6 & 8 (AU)
In MYOB Tax you may see the error V1415 - Total of the tax losses carried forward to later income years in the schedule must equal tax losses carried forward to later income years at label U of the tax return. Check and correct." when validating the tax return.
This error happens if there is a discrepancy between two related value in the return that must match.
The labels that must match are in the
- Losses Schedule (BP) - Part A1 Label U
- Tax return - Carried Forward Tax Losses (This is a tax loss (not a capital loss) that you want to carry forward to the following year)
To fix this issue, you'll need to ensure that the information in these two corresponding fields match.
Open the the tax return and the Losses Schedule (BP). Note the value at Part A1 Label U.
Then you'll need to see if the value in the Losses Schedule (BP) matches the total amount at the relevant label on the tax return. These corresponding tax return labels are:
|Companies & Funds||Item 13 Label U|
|Self Managed Super Fund||Item 14 Label U|
|Trusts||Item 27 Label U|
Partnerships at this time are required to distribute losses to all partners in their respective returns. For more information on this and completing the Losses Schedule (BP), please check the ATO website or contact the Tax Office on 13 72 86.