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Deferred non commercial losses

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Trusted Partner RPD
157 Posts
Trusted Partner
Australia
RPD
Trusted Partner

157Posts

22Kudos

2Solutions

Deferred non commercial losses

We are having trouble entering past year deferred losses.

The business ceased in 2014 so there is no business schedule this year.

How are the accumulated but deferred losses of $26,000 entered?

 

When we try putting them in at P9, label H only, the return will not complete.

If we put them in at label I as well, the return completes but added the losses to the taxable income at item 16. - Even though there is no loss to add back this year at item 15.

 

Result is the losses that must be carried forward to be offset against future income from the same business is instead added to the overall taxable income.

 

Result is taxable income $26,000 too much!!

 

Please help.

Salisbury CA
1 REPLY 1
MYOB Moderator Linda_K
257 Posts
MYOB Moderator
Australia
Linda_K
MYOB Moderator

257Posts

17Kudos

55Solutions

Re: Deferred non commercial losses

Hi @RPD,

 

It is important to look at completing the following main areas in an individual return when dealing with Non-commercial business losses:

 

Item 16 – Deferred non-commercial business losses

Item P8 – Deferred non-commercial losses from prior year

Item P9 – Business Loss Activity details

 

Also details for a ceased business can be entered at P2 – P6 (Select deceased business at P4).

 

Further information and an example of deferred business loss scenario can be found on the following ATO page:

 

https://www.ato.gov.au/Forms/Business-and-professional-items-2011-12/?page=17

 

If you wish to confirm the data entry please contact ATO.

Cheers,

Linda
Practice Solutions Support
MYOB Australia Pty Ltd
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