The fields displayed in this index are Class of Loss, Basis of loss and amount. The options offered are:
|Properties||To review the details of the loss item highlighted in the index, see Loss item properties below.|
|New||To add the details of a new loss item to the index.|
|Delete||To remove the details of the highlighted loss item from the index.|
Loss item properties
Click Preparation > Schedule > Consolidated Losses Worksheet
Select the group or bundle
Click New to create a new loss item, or
Select the loss item and click Properties to edit.
For a Bundle, all the fields are active.
For a Group, only the No. (Number), Category, Loss Year and Balance fields are active.
The bundle code, category and basis of transfer identify information are used to uniquely identify the loss item. Where a loss is a group loss (that is, one earned by the group after formation) it is identified by CCYY indicating the year the loss was earned.
|No.||This is the item number of the loss item. Each bundle can have a maximum of 999 loss items within it (Confirm).|
The Class of the loss (The code refers to the code that is used for the type of income earned and relates to the categories contained in the capital gains and foreign income worksheets as appropriate. Click [F10] to select from the list. Within a single bundle or group the classes of loss allowed are based upon the taxation laws governing the general application of losses. Click [F10] lists all other allowed classes of loss for selection to be included as loss items in a Bundle or Group. Classes of losses excluded from consolidations are:
|Loss Year||The year that the loss was incurred. Click [F10] lists income years up to the current for selection.|
|Balance||This is the amount of the loss carried forward as at the beginning of the year or as at joining time if joining occurred during the current financial year.|
|The following are active for Bundles only:|
|Year of Transfer|
For active bundles only, this is the year that the loss was transferred to the head company.
For 2003 the only selection allowed is 2003. This is because any losses transferred into the consolidated group from the joining entities (including those belonging to the head company) are seen to have been made in the year of income that the transfer occurred. In later income years, the selection includes successive income years 2003-2004 and so on.
|Basis of Transfer|
The basis of transfer does not apply to a Group of losses because these are loss events occurring after the formation of the group and so are not be transferred to the group.
Where the transferring entity is a company select whether the continuity of ownership or control (COT) or same business test (SBT) is satisfied to allow the transfer of the loss to the head company. If the joining entity is a Trust the Basis of Transfer may be set to Other.
|Concessional||Where transferring entity is a company select and the business test satisfied is continuity of ownership or control (COT), select Y/N to indicate whether the loss is being treated as a concessional loss or not.|
|Amount Transferred||For concessional losses enter the original amount of the concessional loss that is transferred to the head company. This is used in determining the maximum amount that can be used for the concessional loss, and may differ from the opening balance amount, if the loss details are being set up in a subsequent year. See calculations for more information.|
|Year COT failed||This is selection is available when the basis of transfer is the same business test and is required for the Consolidated losses schedule (bx). |
[F10] selection offers all income years from 1997-1998 to the current.
|Donated from||Where the transferor details of a bundle indicates that the value donor concession option has been used, click [F10] to select the entity from which the loss was transferred from the consolidated losses worksheet index (list of bundles).|
|Options offered are:|
|OK||When adding new loss items OK validates and saves the data currently displayed and prepares for another loss item to be added.|
|Cancel||Returns to the index of loss items without saving the data currently displayed.|
|Edit||To commence editing the details currently displayed.|