Company Return - convert excess Imputation credits to losses
I'm stuck.
I cannot see how to convert excess imputation credits received by a Company into Section 80 losses to carry forward in the 2019 tax return.
I was able to do it successfully in the 2018 tax return.
The field where I should enter the figures in the losses schedule is greyed out.
I cannot click through to another supporting schedule.
I have compared 2018 and 2019 side by side and I can't see any difference. - In 2018 the figure is there - in 2019 the field where I need to enter the data is grey.
Please help!
Worked it out - Solution here for others
To Do:
In the company tax return
Click on the "Financial" Tab
Look for Label H - Excess Franking Credits - click on it
It opens a worksheet - insert the excess franking credits here
then close the worksheetNext, open the ATO Schedule BP - Losses Schedule
Scroll down to Part F - Tax losses reconciliation statement
The imputation credits have now been converted to losses at Label EClick on Label E - The same figure should be showing near the top of
the form as "Add Deemed loss from excess franking credits (Item 8H)
