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Re: carry forward Capital loss

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Hi 

 

I had some capital loss recorded in FY 2015-2016. I understand that you have to report your prior years Captial Losses at " V Net Capital Losses " for continuity purposes. 

 

This was missed in tax return for FY 2016-2017 as there was no capital event. Am I still eligible to use this capital loss to offset capital gain in future years? Do I have to amend tax return for FY 2016-2017 to carry on the capital loss for the following year? 

 

The problem is - it's just a few days over 2years since tax return of FY 2016-2017, the system does not allow me to amend it. Please help.

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Best answer

Taxicorn

Replies 3

If you have a carry forward capital loss and haven't used it and can prove it then you should be able to include it in later years if an amendment is not possible.

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Best answer

Taxicorn

Replies 3

If you have a carry forward capital loss and haven't used it and can prove it then you should be able to include it in later years if an amendment is not possible.

Community Support

Replies 2

Hi @Ben2019,

 

You are able to amend the previous returns to add the prior years capital loss.

 

Thanks

 

KylieS

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Taxicorn

Replies 1

@KylieS 

 

Surely if more than 2 years, they can't....

Community Support

Replies 0

Hi @Ben2019 & @macfanboy,

 

If you need to amend am income tax return outside the period of review which is normally 2 years for an individual. You can do this by lodging an objection, requesting an extension of time

 

The option to request an extension of time requires a box ticked and a brief explanation.


Thanks

 

KylieS

 

 

 

 

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