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NearlyFinished(Enthusiast)Enthusiast
15 Apr 2024

Hi.

I am evaluating strategies to optimize my tax situation as I am anticipating a sizable capital gain next financial year.


Through strategic investing, I have accumulated sizable carried forward capital losses that can be used as deductions. 😜 Additionally, using the dartboard strategy I managed to realize a solid gain on one investment this financial year.


My question is:

Do I have to use these carried forward capital losses against the capital gain made this year, or can they continue to be carried forward until I choose to use them. Basically next financial year when my marginal tax rate will be maxed out.


Thanks in advance 🙏

373 views
3 replies
373 views
3 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
15 Apr 2024

Do I have to use these carried forward capital losses against the capital gain made this year,


Yes


or can they continue to be carried forward until I choose to use them.


No



All replies

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
15 Apr 2024

Do I have to use these carried forward capital losses against the capital gain made this year,


Yes


or can they continue to be carried forward until I choose to use them.


No



Liked by NearlyFinished
Casrom(Initiate)Initiate
11 June 2024

Can you please elaborate on your reply to the question by NearlyFinished and provide a source . I have received the same question from a client who made a Capital Loss in FY 2017 and a CG in 2018. In 2018, the capital gain (before applying any 50% discount did not increase his taxable income to above te tax free threshold. He subsequently made a CG in 2021 when he was a non-resident taxpayer and would pay a flat rate of 35% on the full gain (as I understand, NR taxpayers are not eligible for the 50% discount)

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Carrying forward a Capital Loss after a Capital Gain | ATO Community