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Re: I want to claim a Capital Gains Loss but the administration process has not yet finished

Newbie

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Replies 3

I got burnt when LM Investement Management went belly up in 2013.

The administration process has still not been wound up so I don't know how much my capital loss will be.

I have to pay CGT on my gains every year and it occurred to me that maybe I could have been offsetting since 2014.

Although I don't know exactly how much it will be, I have a rough idea.  If I report (conservatively) the loss is 50K, and it is actually 51.3K it is really not going to make any difference as I will never off set all those losses anyway.

 

So my question: can I start off-setting the losses even if the exact value of my loss is not known?

 

Thanks for any help

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Most helpful response

ATO Community Support

Replies 2

Hi @BradFFM,

 

If you incurred a capital loss, you should report the amount accurately on your return. As the information you provide is based on self assessment, can you follow this up to get the correct amount now? If you report it incorrectly, you may need to complete an amendment, or we may look into this also. If your capital loss is from 2014, you can still report it once you know the correct amount. You can also carry the capital loss forward each year to offset your capital gains.

3 REPLIES 3

Most helpful response

ATO Community Support

Replies 2

Hi @BradFFM,

 

If you incurred a capital loss, you should report the amount accurately on your return. As the information you provide is based on self assessment, can you follow this up to get the correct amount now? If you report it incorrectly, you may need to complete an amendment, or we may look into this also. If your capital loss is from 2014, you can still report it once you know the correct amount. You can also carry the capital loss forward each year to offset your capital gains.

Newbie

Replies 1

Hi Jody,

thanks so much for the answer.  I could probably do a fairly accurate assessment now as the liquidator always says what the estimated return per unit will be.  Since the loss actually occurred in 2013/2014, would it be technically possible for me to go back and amend my tax returns since then?

Thanks Brad

 

ATO Community Support

Replies 0

Hi @BradFFM,

 

Yes, absolutely. However, if any of your notice of Assessments (NOA's) since 2014 have an issue date of more then 2yrs ago, you will need to lodge an objection to the 2yr time frame first, in order for the amendment to be accepted. 

 

Let us know if you require further assistance.