Announcements
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.
Still not sure? Ask the Community

ATO Community

Capital loss on foreign investment

Newbie

Views 3540

Replies 2

Hello,
If I make a capital loss on the sale of US shares, can that be used to offset capital gains made on Australian shares?
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Jwrig,

 

Thanks for your question. If you're an Australian resident for tax purposes, you'll need to declare your worldwide income on your tax return - including any capital gains or losses you make.

 

If you make a capital loss when you dispose of an asset, you can use it to reduce any capital gain you made in the same financial year. If you haven't made a capital gain in the same financial year, you can use the loss to reduce a capital gain in the future as you can't deduct capital losses from other income.

 

We publish handy guides on investing and completing your myTax return over on our website - let us know if you have any other questions!

 

Thanks!

2 REPLIES 2

Taxicorn

Replies 0

Yes a loss is a loss.

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Jwrig,

 

Thanks for your question. If you're an Australian resident for tax purposes, you'll need to declare your worldwide income on your tax return - including any capital gains or losses you make.

 

If you make a capital loss when you dispose of an asset, you can use it to reduce any capital gain you made in the same financial year. If you haven't made a capital gain in the same financial year, you can use the loss to reduce a capital gain in the future as you can't deduct capital losses from other income.

 

We publish handy guides on investing and completing your myTax return over on our website - let us know if you have any other questions!

 

Thanks!