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CorrectYou had $5 loss last year, you have used up $1k this year...

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Golden Fleece

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10/01/21

10:56

Post #: 50063546
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Originally posted by optionsjnr: ↑

Oh I see thank you very much!!

Visited ATO community and this response from another user with same question
ATO said :

You need to report your total prior year capital gains on each return for continuity purposes - this helps us track whether or not you have capital losses you can apply against future returns. If this information isn't recorded, we may assume that the loss has been applied previously, and won't allow you to use these losses later.

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Correct

You had $5 loss last year, you have used up $1k this year so you show $4k capital loss carried forward

(I agree the tax return can be confusing in that you have made a capital gain this year and you don't show it as such)
1 Upvote

0 Great analysis

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