Offsetting capital loss against income?

Discussion in 'Accounting & Tax' started by jrc77, 20th Feb, 2009.

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  1. jrc77

    jrc77 Well-Known Member

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    I have managed funds held in my own name and have a large capital loss due to the start of the markets at the moment that I could realize. Can this capital loss be offset against my income or only future capital gains?

    Regards,

    JR
     
    jrc77, 20th Feb, 2009
    #1
  2. Shady__

    Shady__ Active Member

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    You can only offset a capital loss against a capital gain. Sorry...
     
    Last edited by a moderator: 20th Feb, 2009
    Shady__, 20th Feb, 2009
    #2
  3. dudek

    dudek Well-Known Member

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    Is there any time limit eg. 3 or 5 years
     
    dudek, 20th Feb, 2009
    #3
  4. Shady__

    Shady__ Active Member

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    As far as I'm aware you can carry the loss forward indefinitely. But I'd suggest you confirm with your accountant.

    **edit

    ATO Website

    There is no time limit on how long you can carry over the net capital losses.
     
    Shady__, 20th Feb, 2009
    #4