Capital Gains Tax 2020/21, page-3

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    In the eyes of the ATO add up all your gains for the year = 350+300 = 650K

    All up all your losses for the year = 250K

    How much gains were made under the 12+month rule = 300K
    50% of the 12month rule amount is = 150K

    All gains minus all losses (including carried over losses) is what? 650K - 250K(yr losses) - 150K(carried losses) = 250K

    From your final figure (250K) as it is profit and you have discount gains to apply you can only discount up to the maximum amount of the 12month rule (150K) or 50% of your total gains (250K). But it is whatever the smallest figure is.

    In your case 250K / 2 = 125K (125K is smaller than the 150K)

    You are now taxed on 125K with $0 capital losses carried forward.
 
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