CGT question

[Munga]

If I have CGT losses from shares over the years, can I use that to reduce my CGT gains from property or other?
Thanks.

 

[Ikan Bodoh]

No. Losses can only be applied to gains from the same class of asset.

 

[Visions]

No. Losses can only be applied to gains from the same class of asset.

Are you sure about this?

You were always allowed to offset capital losses from capital gains irrespective of the asset class previously.

 

[DrParrot]

Are you sure about this?

You were always allowed to offset capital losses from capital gains irrespective of the asset class previously.

Nailed it.... CGT Losses are only separated if they are on Collectables. Therefore share losses can be offset against property gains.

*i would say im 95% sure of this... small bit of doubt but pretty darn sure

 

[Papa G]

No. Losses can only be applied to gains from the same class of asset.

I don't think that is right.

 

[Ikan Bodoh]

Nailed it.... CGT Losses are only separated if they are on Collectables. Therefore share losses can be offset against property gains.

This is right, I've been living in the past. Sorry for misleading.

 

[Munga]

Cheers guys. I was confused myself, I've heard both answers were correct from different people.
Anyone know if there's a link on the ATO site about this, I'm not having much luck.
Bigfooty>ATO

 

[Ikan Bodoh]

Cheers guys. I was confused myself, I've heard both answers were correct from different people.
Anyone know if there's a link on the ATO site about this, I'm not having much luck.
Bigfooty>ATO

http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00270251.htm&page=123&H123