Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Trending News

Promoted
Sarah M
Lv 4
Sarah M asked in Business & FinanceTaxesAustralia · 7 years ago

Why does ATO say a capital loss cannot be offset against income but must be carried forward & only be offset against a future capital gain?

I have looked at the Income Tax Act and cannot find a section on this. Is this just the ATO's opinion? On what authority do they impose this rule?

2 Answers

Relevance
  • benner
    Lv 4
    5 years ago

    Unearned Income Ato

    Source(s): https://shorte.im/a0GaE
  • Judy
    Lv 7
    7 years ago

    You can only deduct up to $3000 of a net capital loss each year against ordinary income. The rest must be carried forward.

Still have questions? Get your answers by asking now.