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Re: carry forward Capital loss

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I'm new

Views 398

Replies 4

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.

1 ACCEPTED SOLUTION

Accepted Solutions
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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.

4 REPLIES 4
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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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Community Manager

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

@KylieATO 

 

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

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Community Manager

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