Shares & Funds Capital Losses from 2009 - are they lost

I missed claiming the shares capital losses in 2009 tax return. Are those losses lost forever? or there a way to somehow use them in the next year tax return?

 

You could start to claim them, but can you substantiate them?

 

''If'' you use a Accountant as i'm trying to understand how this could happen,from my understanding ''YES'' and depending on what platform you use trading wise ,something like Commsec the statements take about 5 seconds to find from my experience ..imho..

 

@willair - That time I used a different account compare to my regular one so this information somehow didn't make into my tax return. Commsec goes back only up to 2013 so I wasn't able to pull it from the website but had it in my archives.

 

I have the trading statements (buy/sell) from CHESS. But my accountant told me that she can go only 2 years back in changing my old tax returns. Is it the current situation? If this is the case - should I try to get a private ruling to bring those losses to life (about 3.2K)? How much would be the private ruling cost and who can do it?

 

Yes previoous tax returns can only be amended for 2 years. But that doesn't mean the loss deson't exist.I wouldn't suggest a private ruling but if you wanted to do one only a lawyer, a tax agent or yourself could do one.

 

Thanks @Terry_w

 

The only issue is that my accountant is not comfortable to claim it in this year. So how I can "convince" her? Is there any legislative document that can be referenced or it is left completely up to the accountant mindset and aggressiveness? The normal sense says that if for property CGT calculations you don't show in your annual return your 3rd component of the base cost (say non-deductible interest paid) when you moved into IP but you can claim it on the sale of asset - then similar should make sense for shares - if the loss is made - then it can be used. But unfortunately the accountants require something to reference... Any thoughts @Terry_w ?

 

You havent made any capital gains between the 2009 and 2020 tax years?

 

Just because a loss isn't recorded doesn't mean it ceases to exist.
It might result in an audit though. If you can show that they were recorded 10 years ago and then not used up they should still be available.

I can't research this for you though.

 

If there were unclaimed capital losses in 2009, and the taxpayer declared capital gains for 2010 (but didnt use the 2009 losses), can these losses still be claimed in a future year? Or do losses have to be claimed in the earliest possible year (in which case in theory the 2009 return would have to be amended).

 

there is no option not to use losses and carry them forward if there is a capital gain

 

So if the op has made and declared capital gains in the last 10 years.......

 

He would need to go back and amend tax returns.

 

As per rules - if I would have any gains - I would have to apply losses straight away in the first year when I got them. However I haven't had any capital gains during this time at all so there was no need to use the losses. Therefore the only need to "change return" would be the "insertion" of the capital losses in the earliest one (in 2007) and passing it through all of them until 2019. But no changes in the ATO assessment amounts.

Is the accountant the only person who can change my TR for 2007/08? I went to the eTax website and their add says: "Do any year’s tax return 2001–2020" and they are registered tax agent. Probably I can change it via them but I think that the fee of amendment for 13 years would be too high.

How about this link from ATO website:
Amendment of income tax return for individuals
The links suggests to use the amendment form NAT2833 and doesn't have any date restriction.

Should I just try to fill it in for all years and mail it to ATO with the evidences of share buy/sell transactions?

Or just ask to amend the last FY tax return pointing out that there is no changes in the assessment for previous ones as no gains/losses have been used?