When lodging tax return, can loss in shares be compensated with the profit in previous years? Thanks.
Loss in Shares and Tax
Bab on 14/03/2020 - 09:57
Comments
This year = lose 10k
Next year = gain 20k = gain 10k(not financial
adviseadvice)
Financials advises
Did you sell them?
Share losses roll through to future years and can offset future capital gains
However you cant claim losses against normal income
hmmmm???…
"When lodging tax return, can loss in shares be compensated with the profit in previous years?"
the prev. year profit has been lodged and recorded, done and dusted.
so how can you offset them with current year loss? do you intend to call ATO say wait last year profit was not correct because this year i have loss?
….
What a strange place OzBargain can be.
You are correct, maybe the negatives are on the way you presented it, but you are right. You can carry forward losses, but you cant carry forward profits.
Make a profit pay tax the year you make it.
If the Tax department allowed profits to be carried forward, no one would pay tax.
Hey keep going until retire, and your income dropped (lower tax bracket etc)
No
No, only future years
No, not against past profits.
Realised losses can be used to offset realised capital gains and are best used against those gains that have occurred within 12 months of purchase as anything owned for >12 months gets the 50% CG discount except when offsetting losses.
Any unused losses can be carried forward indefinitely.
You can carry losses forward.
It's all the same. Who's says life has to make sense ?, Viva la revolution.
Future years.