Item 13 - Losses information

The 'same business test' and the 'similar business test' are collectively known as 'business continuity test'. For more information, see Increasing access to company losses.

Any company which is a subsidiary member of a consolidated or MEC group at the end of the current income year is not required to complete labels U and V. Other companies, including the head company of a consolidated group at the end of the current income year, may need to complete labels U and V.

Show at label U the unapplied (that is: the undeducted or not transferred amount of tax losses, including the foreign loss component of a tax loss), incurred by the company and carried forward to the next income year under section 36-17 of the ITAA 1997.

On the Front Cover of the return the consolidation status of the company is shown. Depending on this status the appropriate schedule will open at label U:

• For the head company of a consolidated group refer to Consolidated Groups Losses Schedule (bx).

• For an unconsolidated company refer to the Losses schedule (BP) and Prior year losses worksheet (pyl).

If the company claimed a loss carry- back tax offset in the 2013–14 income year which was amended due to the repeal of the offset, you should review the amount of losses carried forward to later income years.

Show at label V the total of any unapplied net capital losses from collectables and all other CGT assets and events. This information is calculated or transferred from:

• The CGT worksheet (g), or

• The CGT schedule (BW) (Part I labels H and I), if a CGT schedule has been completed.

If the company is required to complete a losses schedule, the amount shown at Part A label V Net capital losses carried forward to later income years of that schedule must be the same as the amount shown at label V Net capital losses carried forward to later income years in the company tax return.

Click label V Net capital losses carried forward to later income years to open the worksheet (g), refer to Capital gains worksheet (g). By selecting to populate the BW, the data will be integrated to the BW schedule, refer to Capital gains schedule (BW).

Enter the tax loss amounts for the year 2019 -20.

Enter the tax loss amounts for the year 2020 -21.

Enter the tax loss amounts for the year 2020 -21.

Select the tax rate for 2019-20.

Enter the net exempt income for 2018-19. (0 is an acceptable value)

 Enter the net exempt income for 2019-20. (0 is an acceptable value)

Enter the income tax liablity for 2018-19.

Enter the net exempt income for 2019-20.

Select the aggregated turnover range from the picklist.

• A = $0 to less than $7.5million
• B = $7.5 million to less than $10 million
• C = $10 million to less than $20 million
• D = $20 million to less than $40 million
• E = $40 million to less than $50 million
• F = $50 million to less than $100 million
• G = $100 million to less than $200 million
• H = $200 million to less than $300 million
• I = $300 million to less than $400 million
• J = $400 million to less than $500 million
• K = $500 million to less than $600 million
• L = $600 million to less than $700 million
• M = $700 million to less than $800 million
• N = $800 million to less than $900 million
• O = $900 million to less than $1 billion
• P = $1 billion or over

Enter the aggregated turnover amount only if you have selected code P in your turnover range.

You need to manually calculate the tax offset and complete this label. See Loss carry back offset.