Private ruling: Net capital losses carried forward
Published: October 2012
Date scheme commenced: 1 July 2010

Ruling: Q1: Can you reduce your net capital loss amount by amounts of ordinary and exempt income? | A1: This ruling applies for the following period Year ended 30 June 2011 The scheme commenced on 1 July 2010


Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 102-10(2). | Income Tax Assessment Act 1997 subsection 102-15(3).

Reasons for decision: Detailed Reasoning - Net capital losses carried forward: You have included a net capital loss in your income tax return and you wish to use ordinary and exempt income to reduce this loss rather than including the ordinary income as assessable income in your tax return. Where you have a capital loss from earlier income years you can only reduce this loss with capital gains made in the later years. A capital loss is not able to be reduced by exempt or assessable income.

Please check this edited version to be sure that there are no details remaining that you think may allow you to be identified. If you have any concerns about this ruling you wish to discuss, you will find our contact details in the fact sheet. | Relevant facts: You received government pension income. | You also received tax exempt pension supplement payments. | You included some of the government pension in your income tax return. | You also included in your income tax return, at Item 18, a net capital loss carried forward amount.