Section E: Losses - Item 14

Click the Losses tab to open item 14.

Label U - Tax losses carried forward to later income years

Show at item 14: label U the total tax losses incurred by the SMSF that are to be carried forward to the next income year under section 36-15 of the ITAA 1997.

Tax Losses carried forward to later income years integrate from the Losses Schedule (BP) when that schedule is completed. Refer to Losses schedule (BP).

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.

This information is calculated or transferred from:

label V in Part I of the CGT summary worksheet (g), or
labels H and I in Part I of the CGT schedule, if one is required. Refer to Capital gains schedule (BW).

If the SMSF is required to complete a Losses schedule 2018, the amount shown at label V Net capital losses carried forward to later income years, item 2 in Part A of that schedule must be the same as the amount shown at label V item 14.

Losses Schedule

If the total of tax losses carried forward and capital losses carried forward exceeds $100,000, a Losses Schedule 2018 must be completed. Refer to Losses schedule (BP).