Section E: Losses 2023

Item 13

The Losses tab comprises these labels:

Label U - Tax losses carried forward to later income years

Show at label U the total tax losses incurred by the fund that are to be carried forward to the next income year under section 36-15 of the ITAA 1997.

Refer to Tax losses carried forward to later income years on the ATO website.

If the fund is required to complete a Losses schedule for the current income year, the amount shown at label U Tax losses carried forward to later income years, item 1 in Part A of that schedule integrates to the amount shown in the return at label U item 13. Refer to Losses schedule (BP) 2023.

Label V - Net capital losses carried forward to later income years

Show at label V the total of any unapplied net capital losses from collectables and unapplied net capital losses from all other CGT assets and events.

Net Capital losses carried forward to later income years integrate from the Capital Gains worksheet (g) or from the Capital Gains Schedule (BW). Refer to Capital gains schedule (BW) 2023.

Refer to Net capital losses carried forward to later income years on the ATO website.

Losses Schedule

You must also complete and lodge a Losses schedule (BP) 2023 if the fund has total tax losses and net capital losses carried forward to the next income year greater than $100,000.