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SLR(Newbie)Newbie
23 Sept 2021

My tax agent recently amended my FY19 return to include a capital gain that was missed in the original return.

I've subsequently reviewed my previous returns and have discovered a capital loss recorded in FY14 that hasn't been carried forward in subsequent years. There was no capital gains tax event in FY15 so it looks like it was just an oversight (or sloppy administration by my agent).

Anyway, to take advantage of this loss, do I need to amend all returns from FY15 onwards and then re-amend the FY19 return to offset the capital gain against the carried forward capital loss or is there a simpler way?

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JodieR_ATO(Community Support)Community Support
25 Sept 2021

Hi @SLR,

Yes, you should amend the returns from 2015FY to include the capital loss carried forward amount. If they're outside the amendment time frame you'll also need to lodge an objection. Once the information is updated you can apply the capital loss amount to offset the capital gain.

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JodieR_ATO(Community Support)Community Support
25 Sept 2021

Hi @SLR,

Yes, you should amend the returns from 2015FY to include the capital loss carried forward amount. If they're outside the amendment time frame you'll also need to lodge an objection. Once the information is updated you can apply the capital loss amount to offset the capital gain.

SLR(Newbie)Newbie
5 Oct 2021

Thanks for your response Jodie. Do all returns back to FY15 need to be amended? Is it not possible to just re-amend the FY19 return to show the carried forward capital loss, given all these details are collated privately anyway?

SLR(Newbie)Newbie
10 Oct 2021

Thanks for your response @Jodie_ATO . Do all returns back to FY15 need to be amended? Is it not possible to just re-amend the FY19 return to show the carried forward capital loss, given all these details are collated privately anyway?

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