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7.5. Record-Keeping Requirements

The tax loss provisions are supplemented with record keeping requirements that are in addition to the general record-keeping requirements companies must comply with to enable their tax liability to be properly determined (see 13.1.). In particular, companies, trusts and superannuation funds that satisfy certain prescribed criteria (e.g. with carry forward losses exceeding AUD 100,000) are also required to complete and submit a "loss schedule" as part of their annual tax returns.