TAX - Carry Forward Losses

[JTLP]

Hi ASF,

Well, my tale of woe begins with me getting in at the peak of the bull run LOL. Anyway enough about that.

I have some losses and some gains (WOWSERS) but I have a question when it comes time to fill out the tax forms...

Once all my gains have sadly been offset by losses...do I keep adding the other losses to my tax return for the '07/'08 year (my first year of this wild ride)??? Does this then automatically roll them over for consequent years?

Or do I just offset my gains with the losses and only bring these losses onto the tax return in years when they are needed?

Thanks!

JTLP

 

[benn]

Hi ASF,

Well, my tale of woe begins with me getting in at the peak of the bull run LOL. Anyway enough about that.

I have some losses and some gains (WOWSERS) but I have a question when it comes time to fill out the tax forms...

Once all my gains have sadly been offset by losses...do I keep adding the other losses to my tax return for the '07/'08 year (my first year of this wild ride)??? Does this then automatically roll them over for consequent years?

Or do I just offset my gains with the losses and only bring these losses onto the tax return in years when they are needed?

Thanks!

JTLP

the tax losses are brought to account the year they occur and roll forward to each subsequent year until utilised. But i'd advise to ring the ATO to clarify