Claiming tax on capital loss

Discussion in 'Accounting & Tax' started by Confused2020, 1st Mar, 2021.

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  1. Confused2020

    Confused2020 Member

    Joined:
    25th Aug, 2020
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    Location:
    Sydney
    Hi,

    Just wondering if someone can assist me?

    I am about to settle on an investment property I am selling after owning it for 2 years. It will be at a loss. Am able to make any claims when I lodge my tax return on this?

    Thank you in advance.
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
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    Australia wide
    Only a capital loss. Can't offset income
     
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  3. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
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    5,151
    Location:
    Qld
    Declare the capital loss on your tax return.
    No immediate benefit.
    This loss will carry forward each year, and when you make a capital gain the loss will reduce the taxable gain amount.
     
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