Overview

The figures in the Losses Schedule: Part A are generated based on losses calculated in the current financial year, prior year losses, and capital gains calculations.

The following articles can assist in reconciling these figures:

• Inputting Prior Year Tax and Capital Losses
• Capital Gains Reconciliation Report

Instructions

1. Tax losses carried forward to later income years.

The figure displayed for the current year's tax loss carried forward should match Section E: Label U in the Tax Return:

This is displayed in Label B, with a summary of prior year tax losses carried forward displayed underneath:

These prior year tax losses can be reconciled depending on how they were entered into the fund.

• If prior financial years have been processed in Simple Fund 360, change the financial year of the tax return to review prior year losses schedules:
  
  The figures displayed should match respectively to the current year's tax return:
  
  
  
• If this is the first financial year processed in Simple Fund 360, prior-year tax losses would need to be entered manually. You can view these in the Period Compliance screen by clicking View Losses:
  
  
  
  

2. Net capital losses carried forward to later income years.

Similar to Tax Losses, Capital Losses are also a combination of prior-year calculations and manually entered losses via the Period Compliance screen.

We recommend using the Capital Gains Reconciliation Report to review these figures.

Related Articles:

• Tax Losses and Exempt Current Pension Income (ECPI) in Simple Fund 360