Announcements
Looking for information on the JobKeeper extension? Check out our answers to common questions the community has been asking.

ATO Community

Capital Gains Tax Schedule is not saving losses when gains and losses in same year

I'm new

Views 48

Replies 1

I had capital gains and losses this year of $45,000 and losses of $3,000 (with carried forward losses of $35,000).  As my gains are over $10,000 I need to complete the CGT Schedule and input my gains and losses.  I can input them and save them in the detailed section, but when I save it and it collapses to the summary, the gains are only transferred and the losses are dropped off, so the net total doesn't add to what I have included in the first section of total gains and net gain.  Is there a work around, or is this getting fixed?

 

I have reproduced the current year loss into the next subsection, together with py losses - it's given the correct result, so hopefully it's ok...

 

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

Taxicorn

Replies 0

@kmas123 

 

A couple of questions:

 

(1) What were these gains/losses related to?

(2) What is this $10,000 that you mentioned?

(3) Were the gains discounted or not?

 

If you had a Gain this year (not discounted) of $40,000, this would then be offset by the $35,000 carry forward loss, making a $5,000 gain. You would then offset this gain by the $3,000 loss in the current year making $2,000 gain and then discount it if held for longer than 12 months by 50% = $1,000 gain.

 

 

1 REPLY 1
Highlighted

Most helpful response

Taxicorn

Replies 0

@kmas123 

 

A couple of questions:

 

(1) What were these gains/losses related to?

(2) What is this $10,000 that you mentioned?

(3) Were the gains discounted or not?

 

If you had a Gain this year (not discounted) of $40,000, this would then be offset by the $35,000 carry forward loss, making a $5,000 gain. You would then offset this gain by the $3,000 loss in the current year making $2,000 gain and then discount it if held for longer than 12 months by 50% = $1,000 gain.