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Capital Gains & Losses on shares

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Newbie

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Hi

This is probs a dumb question but its annoying the **bleep** out of me. It relates to what amounts are shown at which labels in the Capital Gains Capital Losses page of MyTax. 

 

I need to amend 18/19 return to add in a capital gain of $1,400 on sale of shares. thats easy. Total current year capital gains +$1400.

 

I had a net capital Loss c/f to later income years of $9,700. (this amount incs current yr capital losses of $6,700+ capital losses b/f from prevous yrs of $3,000)

 

Is the amount entered at the "Net Capital Loss c/f to later years" the "net" of the current year capital gains of 1,400 less the $9,700 losses ie $8,300 OR

is it just the total losses amount of $9,700? & then the system does the calculation ie ie $1,400 Cap Gain less $9,700 = $8,300 .

 

Guidance/advice much appreciated thankyou

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Most helpful response

Community Support

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Hi @Nabarb,

 

Thank you for your enquiry. When reporting capital gains and losses you will report the total capital gain for the financial year at Total capital gains box. If you had a loss to apply then you will apply the loss... $9700 - $1400 = $8300. Therefore you will report 0 at NET capital gain. At net capital loss carried forward you would report $8300.

 

Hope this clears it up for you.

 

Regards,

Jodie2.

1 REPLY 1
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Most helpful response

Community Support

Replies 0

Hi @Nabarb,

 

Thank you for your enquiry. When reporting capital gains and losses you will report the total capital gain for the financial year at Total capital gains box. If you had a loss to apply then you will apply the loss... $9700 - $1400 = $8300. Therefore you will report 0 at NET capital gain. At net capital loss carried forward you would report $8300.

 

Hope this clears it up for you.

 

Regards,

Jodie2.