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CGT loss declared for past years via amendment but no change

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Initiate

Views 417

Replies 5

2017-2018 I performed amendment and declared CGT loss. Outcome has no change and I am wondering if I should show that amount on losses from previous years section in 2018-2019?

1 ACCEPTED SOLUTION

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Best answer

Taxicorn

Replies 4

@bnesys 

Yes, you should amend those ones, however, they should have been 'rolled over' from 2018.

 

5 REPLIES 5
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Best answer

Taxicorn

Replies 4

@bnesys 

Yes, you should amend those ones, however, they should have been 'rolled over' from 2018.

 

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Initiate

Replies 3

Thank you. I just noticed it automatically rolled over. Seems takes a while. However CGT loss has no effect on current tax return. Does it mean you may lose from CGT and ATO doesn't put any consideration and when you gain some then ATO wants some out of it?

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Taxicorn

Replies 2

You have a loss.

 

When you have a gain you should use the loss to offset it.

 

The loss will be there until you use it.

 

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Initiate

Replies 1

Oh now I see thanks for the explanation. Basically until I make a gain, loss amount cannot be used other than CGT events.

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Taxicorn

Replies 0

@bnesys 

 

That's correct.