applying capital losses carried forward from previous year automatically

This thread is archived and the information may not be up-to-date. You can't reply to this thread.

shikhagupta86

(Initiate)Initiate

31 Aug 2024

Hi i am unable to apply capital loss from previous year worth 25000

Pre-filled info only data - $25000 capital losses carried forward from previous years

Total current year capital gains $10000

Net capital gain $8000..

so shouldn't my capital gain automatically become zero and my capital loss to carry forward now becomes 17000..

the fields seem to be locked.."Net capital loss carried forward to later income years"

how can i automatically ensure this is rightfully updated.

I have already computed my CGT using record keeping tool which is 8000..

but now I don't know how to ensure that at backend when tax is calculated my cgt will be 0 after applying 8000out of 25000 losses/

0 likes

235 views

1 replies

235 views

1 replies

Most helpful response

Most helpful reply

Taxduck

(Taxicorn)Taxicorn

1 Sept 2024

Well, the capital loss carried forward will now be $15000, not $17,000. Capital losses are deducted from capital gains before the discount is applied.

If you check your total taxable income you should be able to calculate whether the loss has been deducted from the gains.

This link is to mytax capital gains. It may be helpful

myTax 2024 Capital gains or losses | Australian Taxation Office (ato.gov.au)

All replies