Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
Ktaxaustralia(Initiate)Initiate
7 May 2021

Hi,

Since I've retired and am now totally in a Superfund receiving a Tax free income stream , do I need to keep submitting Tax returns where Capital Losses were carried forward from losses on share sales in previous years.?

I understand that Capital Losses can be carried forward indefinitely.But, it's highly unlikely in retirement I'll be buying assets that would attract Capital gains Tax for that offset to apply. I'd rather forget about it , take the loss on the chin and tick that box (last tax return) and enjoy retirement. Any problems with that ,,,,thanks

Any

801 views
1 replies
801 views
1 replies

Most helpful response

Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response7 May 2021

Hi @Ktaxaustralia,

If you have a capital loss you have been reporting it is based on self assessment. If you chose to cease providing this information, you could advise us further returns not necessary (FRNN). This can be done via the tax return, as it asks if this is your final return. If you answered yes, we would place an indicator on your account, this way we are not expecting lodgements or non lodgement advice's from you.

In the event you did have a capital gain in the future and you wanted to offset the capital loss, you would need to go back and amend the years you did not lodge and request the FRNN indicator be removed.

This is your choice as you are lodging based on self assessment.

Links-

Non lodgement advice.

All the best.

All replies

Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response7 May 2021

Hi @Ktaxaustralia,

If you have a capital loss you have been reporting it is based on self assessment. If you chose to cease providing this information, you could advise us further returns not necessary (FRNN). This can be done via the tax return, as it asks if this is your final return. If you answered yes, we would place an indicator on your account, this way we are not expecting lodgements or non lodgement advice's from you.

In the event you did have a capital gain in the future and you wanted to offset the capital loss, you would need to go back and amend the years you did not lodge and request the FRNN indicator be removed.

This is your choice as you are lodging based on self assessment.

Links-

Non lodgement advice.

All the best.

Loading
Capital Gains Tax carried forward. | ATO Community