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Prior year losses

Return to the Fund Setup menu and choose Review and Edit Prior Year Losses from the Prior Year Losses dropdown list.

Please enter any losses carried forward from previous financial years via the following screen.

Note: Capital losses must be correctly segregated. Losses incurred on disposals of Collectibles can ONLY be claimed against gains on Collectibles. Losses incurred on disposals of assets other than Collectibles cannot be claimed against gains from Collectibles. All carried forward losses should be entered, even if all members of the Fund are in pension mode and losses cannot be claimed. Losses carried forward from periods when a member was in Accumulation Mode may be able to be claimed at a future time – e.g. by a Fund member who inherits benefits following the death of a member. The following legislative guidance should also be noted.

Ensure the totals match the figures at U: Tax Losses Carried Forward to Later Income Years and V: Net Capital Losses Carried Forward to Later Income Years in your prior year tax return.

Make certain you choose SAVE PRIOR YEAR LOSSES and OK even if all prior year losses are $0. Failing to save may result in errors.