If you have no current year capital losses or prior year net capital losses, go to step 7. Otherwise, read on.
From your Capital gain or capital loss worksheets, add up all your capital losses for 2003–04 and make a note of this amount. Remember that you do not include:
- capital losses from personal use assets
- capital losses from collectables, or
- capital losses that are disregarded (for example, those from assets acquired before 20 September 1985).
If you have a current year capital loss, go to step 5.
If you have only prior year net capital losses and no capital gains, go to step 6.