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289 Posts.

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12/09/20

16:39

Post #: 47292623
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Originally posted by MirCat: ↑

If I'm entitled to a senior tax offset, which I understand means that no tax is payable until my income is above $32 grand.

If my above comments is correct and my gross income from term deposits, shares and dividends is less then $32,000. Have I erred by using up these capital losses againt capital gains?

Within these earnings I have capital gains and losses...especially for the current financial year ....am I compelled to uses up these capital losses against the capital gains.

Or

Can I accumulate these losses and use them up in future years, when I exceed the tax free threshold against any future capital gains?

My average earnings from the above sources has been about $22 grand and believe I may have erred previously, by using up these capital losses against gains when there is no tax advantages ....because I don’t paying any tax.

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Hi MirCat, the basic answer to your question is that you do not get to choose whether to apply your capital losses or not.

The method statement for determining how much of capital gains is included in your assessable income is quite prescriptive.

https://www.ato.gov.au/General/Capital-gains-tax/Working-out-your-capital-gain-or-loss/Working-out-your-net-capital-gain-or-loss/

http://www8.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/itaa1997240/s102.5.html
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