Timeframe to use capital losses

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(I'm new)I'm new

19 June 2022

Hello,

I have a question regarding the timeframe I can use my capital losses (shares) to offset a recent capital gain (crypto)? I have a fair few losses since 2009, however due to my administration errors I have never claimed them/lodged them in my tax returns. The unrealised losses are from 2009 up until 2019 (approx).

Just querying can I amend/add my capital losses that I’ve never used in my recent return to offset a capital gain for this FY? Thank you.

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AriATO

(Community Support)Community Support

21 June 2022

Hi @Jayryan

There's no time limit on how long you can carry capital losses forward but they must be used at the first opportunity. Unapplied capital losses from earlier years must be applied to gains in the order you made them. You don't need to amend each return to carry the loss forward, as long as you're able to show where they came from.

You can read more about applying net capital losses from earlier years and using capital losses to reduce capital gains on our website.