MYOBCommunity
Partner Zone
|
|
Partner Zone

CGT partnership

This thread is now closed to new comments.
Some of the links provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Contributing User MX
11 Posts
Contributing User
Australia
MX
Contributing User

11Posts

0Kudos

0Solutions

CGT partnership

Hi there,

 

Have two clients in the partership and they sold the business this year and a capital gain on it totally at $17312 before 50% discount and small business active assset concession. They also each have $21407 carried forward capital loss from previous year on their individual tax return. 

 

So I am confused should I put in the CGT event in the partnership or their individual tax ? And also how to calculate their carried forward loss to future years? ( 21407- 4328?) 

 

Much appreciated if anyone can help.

1 REPLY 1
MYOB Staff Post Helen-Z
84 Posts
MYOB Staff Post
Australia
Helen-Z
MYOB Staff Post

84Posts

16Kudos

8Solutions

Re: CGT partnership

Hello @MX

 

Thanks for your question regarding capital gains tax and partnerships.

 

I would recommend having a chat to the ATO with regards to your questions. Whether to apply capital gains in the partnership or individual returns, is one for the tax experts, and we are unable to provide tax advice.


Regards,

Helen
Tax Support Specialist
MYOB Australia Pty Ltd
Didn't find your answer here?
Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post