Can you claim a capital loss off your salary income?

[NettAssets]

My problem is fixed!!

My shares have gone up so much in past 2 days I'm well ahead and have nothing to claim.

:casanova:

I need your stragety
an unrealized gain today wipes out a realized loss from 01
Hope my bank manager sees it that way it'l wipe off a lot of interest !

 

[Odduna]

Gidday All,

Just phoned ATO to check on the treatment of Capital Gains on disposal of Foreign shares and per the ATO they are treated as Capital Gains for Australian Tax purposes, and therefore entered at item 17and any foreign tax credits attached go at item 19. So my understanding is that foreign capital gains are treated the same as Australian Capital Gains and therefore entitled to the same exemptions regarding the 50% exemption.

cheers
Sharon

The above information is correct.

Foreign sourced capital gains are treated just like Australian sourced capital gains. There is no special spot in the tax returns so far to seperate the two. As such, they are declared at Item 17 in the tax return.

Regarding the 50% discount rule. The rule applies to foreign source and australian sourced capital gains, as well as to non residents and residents taxpayers (referring to individua taxpayers).

The main provision in the legislation is that you need to be a natural being (section 995-1 of the ITAA 1997) to qualify. So as long as you are not Pammy Anderson, you should be fine (ps cant take credit for last line - that's what the ATO person said to me!)