This item concerns everyone who has an unutilised deficit from last year's tax assessment.
Deductions which cannot give or increase a deficit:
The deficit may lapse if:
- It originates from the cessation of business in 2005 or earlier. This is due to the ten-year deadline that applied at that time.
- You have had debt remitted through debt settlement or insolvency proceedings
- You have transferred a deficit to previous years in connection with the winding-up of a business.
You do not need to send us any documentation for this, but you must be able to present documentation if we ask for it.