Forgot to carry forward Capital Loss

Discussion in 'Accounting & Tax' started by Carol M, 27th Sep, 2020.

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  1. Carol M

    Carol M Well-Known Member

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    Hi,
    I did my own tax return in 2018 and 2019 (as no activity) but I forgot to carry forward a large capital loss from prior years Managed Fund losses.
    I do not need to claim a gain against it yet, but am nervous it has dropped off my tax history.
    It is too late to amend 2018 return online to include the carry forward of this loss again.
    How can I fix this. Do I need to phone ATO to get it carried forward again, or will it just stay in the system until I claim a gain against it?
    It last shows up on the 2017 Tax Return.
    Thanks.
     
    Carol M, 27th Sep, 2020
    #1
  2. Terry_w

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

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    yes you should get your tax agent to lodge an amendment.
     
    Terry_w, 27th Sep, 2020
    #2
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The ATO likely already have records of the PY loss being originally claimed in 2017. Your omission of the amount carried forward doesnt mean its gone. Wise to review the last year it was shown and to reinstate the loss being c/fwd. Check each year. Just make sure the amount you now include has been adjusted for the years you skipped.
     
    Paul@PAS, 28th Sep, 2020
    #3
  4. datto

    datto Well-Known Member

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    datto, 28th Sep, 2020
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  5. Marg4000

    Marg4000 Well-Known Member

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    Get a professional to do the necessary paperwork to amend previous returns to correctly record the carried-forward loss.
    It may cost a few $$$ but probably well worth it.
     
    Marg4000, 28th Sep, 2020
    #5
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Losses that were claimed already dont need to be amended. It is the taxpayers lodgement in subsequent years that contained a error but it likely nedes no amendment unless incorrect CGT gains or further losses were incorrect. The 2017 year loss seems correctly claimed.

    At worst if you call the ATO and note the error in the c/fwd amount they will note this and correct it. Its likely when the recent years were lodged that the final page of the notice already corrected the losses carried forward. Check the NOAs. The ATO are better than taxpayers and independently carry forward losses so that taxpayers cant invent them or get it wrong
     
    Paul@PAS, 28th Sep, 2020
    #6