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mattzz(Newbie)Newbie
5 Oct 2021

Hi, I'm only coming around to claiming some CFD losses that I made in 2018 on my personal trading account with a CFD broker. I understand that I must amend a previous year's tax return for that year in order to claim the deductions? I saw a previous post mentioning this, however, I was unable to click the link as it produced an error. Can you provide me with the necessary links/resources I will need to take a look at and be aware of in order to claim these losses made back in 2018? Additionally, what will be the implication of claiming this. There was approximately $4K worth of losses made. Will those losses be offset against my income for that year, and will I get tax back paid on income from 2018, or will those losses be carried forward to offset against future income that I make in the form of capital gains (on shares)? Look forward to hearing from you.

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541 views
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BlakeATO(Community Support)Community Support
8 Oct 2021

Hi @mattzz To claim the losses, you'll need to amend the tax return for the year the losses and expenses happened in. CFDs are not capital assets. They're on a revenue account, meaning you report them at Other Income and Other Deductions (unless you're running it as a business, then it's reported as business income). For 2018, your instructions for this section are here: https://www.ato.gov.au/Individuals/myTax/2018/In-detail/Other-income-not-listed-above/ We've got a great answer on a question previously about CFDs. It breaks down how we view them and how to report them. Take a look at it here: https://community.ato.gov.au/s/question?threadId=a0J9s[Removed by moderator]GSYEA2 The losses will be deducted against the other income you have in the 2018 year if they're under Other Income. If they're under business, it will be deducted against that business activity, and the excess will be carried forward until that business activity makes a profit, unless you meet the non-commercial losses rules here: https://www.ato.gov.au/Business/Non-commercial-losses/

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Most helpful reply

BlakeATO(Community Support)Community Support
8 Oct 2021

Hi @mattzz To claim the losses, you'll need to amend the tax return for the year the losses and expenses happened in. CFDs are not capital assets. They're on a revenue account, meaning you report them at Other Income and Other Deductions (unless you're running it as a business, then it's reported as business income). For 2018, your instructions for this section are here: https://www.ato.gov.au/Individuals/myTax/2018/In-detail/Other-income-not-listed-above/ We've got a great answer on a question previously about CFDs. It breaks down how we view them and how to report them. Take a look at it here: https://community.ato.gov.au/s/question?threadId=a0J9s[Removed by moderator]GSYEA2 The losses will be deducted against the other income you have in the 2018 year if they're under Other Income. If they're under business, it will be deducted against that business activity, and the excess will be carried forward until that business activity makes a profit, unless you meet the non-commercial losses rules here: https://www.ato.gov.au/Business/Non-commercial-losses/

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