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Incorrect Capital Losses

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In calculating my capital gains for this financial year I discovered that I had several errors over a number of years in the rollover capital losses. One year I did not roll it over it all and the next year I had increased the rollover amount incorrectly. 

 

These errors have not resulted in me paying less tax due to in part my initial capital loss being quite large and far outweighing my capital gains in future years. 

 

However this year it will result in less tax. 

 

So I understand I need to rectify this.  However some of my tax returns where the initial errors occurred are from over 5 years ago. I don’t have the ability to make an amendment through myTax. 

 

Can I rectify the error in this years tax return by decreasing the capital loss rollover (to the correct amount) and use this to calculate my capital gains? Or do I need to amend these returns by “lodging an objection”?

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Anonymous

Replies 0

@macfanboy is right ..

 

You can not just make adjustments that relate to prior years in the current financial year.  If your out of "time" then the only way forward is is to lodge an objection...

 

I will also say this, the ATO systems will pick it up and then you will wish you never did it as you will have all the headaches and penalties associated with doing something that you are not permitted to do, and if your seen as a extreme risk to the revenue then they can monitor future year rtns  ... and I have seen how that process affects people ..... its just not worth it 

 

 

2 REPLIES 2

Taxicorn

Replies 0

I would say that you need to lodge an objection.

But call the ATO as well.

Best answer

Anonymous

Replies 0

@macfanboy is right ..

 

You can not just make adjustments that relate to prior years in the current financial year.  If your out of "time" then the only way forward is is to lodge an objection...

 

I will also say this, the ATO systems will pick it up and then you will wish you never did it as you will have all the headaches and penalties associated with doing something that you are not permitted to do, and if your seen as a extreme risk to the revenue then they can monitor future year rtns  ... and I have seen how that process affects people ..... its just not worth it 

 

 

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