I’m just a retiree who fiddles a bit on the sharemarket.
If in a financial year, you had made some capital gains and when including other incomes, the end results in it being a non-taxable amount.
My question are following:
Are you compelled to use up your capital losses against the gains?
Can you just accumulate the losses for future use, when the amount results into becoming a taxable amount?
Do I have to tell the ATO the capital losses in the financial year that it happened?
I still do the paper tax return and in section 18, there is no option to tell the tax department that I don’t want to use up my losses.
To me, it seems to be a waste of my capital losses against on income earned that isn’t taxable!
