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?)
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.
Helen Tax Support Specialist MYOB Australia Pty Ltd