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Amber1988(Initiate)Initiate
2 Apr 2021

Hello,

I sold some shares quite some time ago for a loss and I can't remember if I listed it as a capital loss in my tax return (I was quite new to share trading at the time). My question is:

1. Is there a way to check if I listed capital losses in previous years tax lodgements (so I can check that I listed it)

2. If I didn't list the capital loss, am I able to add the capital loss to my next tax return or do I need to make an amendment to the tax return for the year it was incurred?

Can I please also confirm that I am able to offset capital gains made from cryptocurrency from capital losses incurred from shares (i.e. it doesnt have to be the same)?

Thank you.

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768 views
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Most helpful replyATO Certified Response

NateATO(Community Director)Community Director
ATO Certified Response9 Apr 2021

Hi @Amber1988

    • You can get copies of previous tax returns from myGov
    • You will need to lodge an amendment to your previous year return. If you've made a mistake or forgot to include something in your tax return, you can quickly and easily amend your tax return using our online services.
    • If you acquire cryptocurrency as an investment (not as a personal use asset) and you have made a net capital loss from it, you can use it to reduce capital gains from other assets such as shares. If your cryptocurrency is a personal use asset all capital losses you make are disregarded. This means you can't use the capital loss to reduce your other capital gains. For more information on cryptocurrency please see our page on the tax treatment of cryptocurrencies

    Thanks, Nate

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    Most helpful replyATO Certified Response

    NateATO(Community Director)Community Director
    ATO Certified Response9 Apr 2021

    Hi @Amber1988

      • You can get copies of previous tax returns from myGov
      • You will need to lodge an amendment to your previous year return. If you've made a mistake or forgot to include something in your tax return, you can quickly and easily amend your tax return using our online services.
      • If you acquire cryptocurrency as an investment (not as a personal use asset) and you have made a net capital loss from it, you can use it to reduce capital gains from other assets such as shares. If your cryptocurrency is a personal use asset all capital losses you make are disregarded. This means you can't use the capital loss to reduce your other capital gains. For more information on cryptocurrency please see our page on the tax treatment of cryptocurrencies

      Thanks, Nate

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