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Chrischeee(I'm new)I'm new
26 Feb 2025

Hello,


first of all, this community seems to be super helpful, thanks for that function that marks most helpful.


i had a question about some capital losses i had put into my tax return in 2023. For 2024 i am not sure if it autimatically applied the loss from 2023 or did i have to manually type it into the field? I had some capital gains and if it did not automatically apply then i probably overpaid?


Now in addition to that - did i lose these capital losses from 2023 or can i just lodge them in my 2025 one and then it is okay? if this is the case, then it does not really matter that much if i overpaid this year if it gets used up this year? Or should i ammend the 2024 one?


I saw a similar question via the search function but not entirely the same i believe… thanks for any help on this topic!

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RachelATO(Community Moderator)Community Moderator
26 Feb 2025

Hi @Chrischeee,


If you have capital losses from prior years, you can use them to offset your current year capital gains.


Have a look at How to claim a tax loss and Using capital losses to reduce capital gains .



Chrischeee(I'm new)I'm new
26 Feb 2025

Hi Rachel, thanks so much. My question was more around if i missed to mention it in 2024 because i was under the impression its taken forward automatically from the loss i recorded in 2023, can i refer to it then in 2025 and just use it up then? Means if i paid capital gains taxes because i did not take forward the losses from year 1 in year 2, am i then okay to just use it in year 3.

RachelATO(Community Moderator)Community Moderator
26 Feb 2025

Ahhh, I understand @Chrischeee!!


You can amend previous tax returns if its within two years from the assessment issuing.


I agree with what you have said below; a tax agent can help fix it up.

YellowPotato(Taxicorn)Taxicorn
26 Feb 2025

It is not automatic. You calculate the Total capital gains and Net capital gains. Mytax Instructions - Capital Gains.


Total Capital Gains: "This is the total of your capital gains for the year (excluding exempt or rolled over amounts). Don’t apply capital losses, any CGT discounts or small business concessions yet (other than the 15-year exemption). "


Net capital gain: "This is the amount remaining after subtracting capital losses, CGT discounts and small business concessions from the total current year capital gain."


If you are unsure about the way you have reported capital gains, it might be best to see a tax agent.

Chrischeee(I'm new)I'm new
26 Feb 2025

Hey thanks, thats a good idea.


In terms of capital losses I put in 2023 but potentially forgot to mention in 2024, are they lost or can they be used in 2025 again?

YellowPotato(Taxicorn)Taxicorn
26 Feb 2025

I think it would be a better idea that you amend year 2024 and if there's leftover capital loss, put the number in the capital loss carry forward box.


Assuming you forgot to use your capital loss in 2024 and you did pay tax on the capital gains. Your 2024 amendment to use the capital loss would refund the tax you overpaid on the capital gains.

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