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If the small business 15-year exemption applies, you do not reduce the capital gain by any capital losses before you apply that concession.
In all other cases, you apply the CGT discount and the small business concessions to the capital gain after it has been reduced by any current and prior year capital losses.
If you have more than one capital gain, you can choose the order in which your capital gains are reduced by your capital losses.
Last modified: 20 Apr 2011QC 23096