Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
A previous Year's Capital Loss from COLLECTABLES can be applied to later net Capital Gains. But is it discretionary? If, say next year, I make a Collectables net Capital Gain and my Taxable Income is below the tax threshold, can I continue to C/F the previous Capital Loss? That is, not apply it?
ITAA 1997: 108-10 Losses from collectables to be offset only against gains from collectables
(4) If some or all of a *capital loss from a *collectable cannot be applied in an income year, the unapplied amount can be (CAN BE???) applied in the next income year for which your *capital gains from *collectables exceed your *capital losses (if any) from collectables.
When completing the Company tax return (refer to our website), subject to various rules, prior year tax losses are deducted in a later income year or years in the order in which they were incurred, to the extent that they have not already been deducted.