Private ruling: lodgement
Published: October 2014
Ruling period: Year ended 30 June 2008 | Year ended 30 June 2009 | Year ended 30 June 2010 | Year ended 30 June 2011 | Year ended 30 June 2012 | Year ended 30 June 2013 | Year ended 30 June 2014
Date scheme commenced: 1 July 2007

Ruling: Q1: Are you entitled to lodge "Returns not Necessary" for the 2007-08 to the 2013-14 financial years? | A1: Yes.

Relevant facts and circumstances: You ceased trading in a previous financial year and the last taxation return you lodged was shortly after that cessation. You have accumulated prior year losses and you have no intention of selling the company or operating any future business.

Relevant legislative provisions: Income Tax Assessment Act 1936 section 161

Reasons for decision: Summary: Paragraph 2 of Table A of the 2008 Legislative Instrument requires a company to lodge a tax return where; • incurs a tax loss; • deducts a loss; or • applies a net capital loss of an earlier income year. Therefore where you are only carrying a loss forward and you are not applying any of that carry forward loss to your taxable income for the year because you have ceased trading then you would not be required to lodge an income tax return.