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Re: capital loss

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Newbie

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We sold our owner occupuied house for $25,000 loss.

MyTax only taking the pisitive figures, there is no option for capital loss under Capital gains or losses.

I want to make sure the losses will be adjusted in  the future when we sell a property for profit in future. Do I need to report the capital loss? Or just adjust it and claim it when there is a capital gain in future.

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Taxicorn

Replies 0

Yes but it would only be preportioned to time used to run a business and area of house used.

 

So if owned 10 years, 20% would be applicable and then if only 5% of the house was used then 5% of the 20%. (1%).

 

https://www.ato.gov.au/General/Property/Property-used-in-running-a-business/Running-your-business-fr...

 

In calculating the capital gain, the main residence is taken to have been acquired at its market value at the time it is first used to produce income.

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Taxicorn

Replies 2

Owner-occupied property shouldn't attract any Capital Gain or loss.

Unless the property was on more than 2 hectares (2,000 square metres) of land, used for a business or rental.

 

Newbie

Replies 1

Thanks for the information. We mainly lived there but also ran an online clothing business for 2 years. Do you think it will qualify for claming capital loss?

Best answer

Taxicorn

Replies 0

Yes but it would only be preportioned to time used to run a business and area of house used.

 

So if owned 10 years, 20% would be applicable and then if only 5% of the house was used then 5% of the 20%. (1%).

 

https://www.ato.gov.au/General/Property/Property-used-in-running-a-business/Running-your-business-fr...

 

In calculating the capital gain, the main residence is taken to have been acquired at its market value at the time it is first used to produce income.

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