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Join Date: Aug 2011
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| | Recognising losses from earlier income years
I set up a Pty Ltd company some years ago.
I incurred a few expenses in the first few years and have kept records of these. I did not have any company income for those years.
As I did not have any income for those years and my losses ie. expenses were below the $1,000 threshold required to roll these losses over to later income years without lodging a return, the ATO has recognised my company as a 'return not necessary' for those years.
However, this year, I will be required to lodge a tax return.
How do I recognise these earlier losses in my accounts? Do I now lodge a tax return for those earlier years?
Thanks for your help!