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RPD's avatar
RPD
Trusted Partner
5 years ago

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 worksheet

    Next, 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 E

    Click 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)

     

  • RPD's avatar
    RPD
    Trusted Partner

    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 worksheet

    Next, 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 E

    Click 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)