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SomePerson(Enthusiast)Enthusiast
27 June 2021

If I made a capital gain of $100,000 and a revenue loss of $60,000, is my total taxable income for the year just $40,000?
Would the picture change if my $100,000 capital gain was from the sale of an asset I'd owned for 3 years and thus eligible for the 50% CGT discount. In this instance would I have a $0 taxable income, because $100,000*0.5 - $60,000 = $50,000 - $60,000 = -$10,000? And then the extra revenue loss of $10,000 could be rolled-forward to the next year to be applied as a deduction next time?

16,643 views
6 replies
16,643 views
6 replies

Most helpful response

Most helpful reply

MarkATO(Community Support)Community Support
29 June 2021

Hi @SomePerson


In our tax system Capital gains tax and losses are treated separately.


Revenue or income losses are similarly treated separately.


The outcomes of each are ultimately combined in determining your overall taxable income.


Losses are applied like with like however and if not fully used carried forward respectively. These can be used at a later time.

All replies

Most helpful reply

MarkATO(Community Support)Community Support
29 June 2021

Hi @SomePerson


In our tax system Capital gains tax and losses are treated separately.


Revenue or income losses are similarly treated separately.


The outcomes of each are ultimately combined in determining your overall taxable income.


Losses are applied like with like however and if not fully used carried forward respectively. These can be used at a later time.

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