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  • Step 3 – Work out whether you have any capital losses

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you have any capital losses for the current year or losses carried forward from a previous year, you must use them to reduce the capital gain before applying any of the remaining concessions.

    Example 8: capital losses

    In the same year as Lana made the $17,000 capital gain on the sale of land, she also made a capital loss of $3,000 from the sale of another asset.

    She must offset the loss against the gain before applying any of the remaining concessions, as follows:

    $17,000 - $3,000 = $14,000

    Lana may be able to reduce her capital gain further using the CGT discount and one or more of the other small business CGT concessions.

    End of example
    Last modified: 12 Aug 2021QC 24432