LEGT2751 assignment (1 Viewer)

[wantingtoknow]

anyone doing the assignment right nowwwwwww?

regardless, I have an issue with my assignment that I can't find the answer to anywhere on the internet. so please help !!

these are the amounts that I have:

capital gain on collectible of $10,960
capital gain on shares of $6,810
net capital gain from previous year from sale of shares: $4,000


can I use the 4,000 to offset the $10,960 from the collectibles?
so in other words, can I use normal capital losses to offset capital gains from collectibles

 

[vivien023]

hey,

Capital losses from collectables can be used only to reduce capital gains (including future capital gains) from collectables.

http://www.ato.gov.au/corporate/content.aspx?doc=/content/00208572.htm&page=18

 

[wantingtoknow]

hey

I recognise you

are you finished with the assignment yet?

 

[vivien023]

lol recognise me?! O_O
nah i havent, still in the doing lol havent done that much..

 

[wantingtoknow]

yeah, pretty sure it's you lol. we went tutoring together during HSC

how did you deal with the capital gains? did you just subtract 4k from the 10k?

 

[kellysukarti]

anyone doing the assignment right nowwwwwww?

regardless, I have an issue with my assignment that I can't find the answer to anywhere on the internet. so please help !!

these are the amounts that I have:

capital gain on collectible of $10,960
capital gain on shares of $6,810
net capital gain from previous year from sale of shares: $4,000


can I use the 4,000 to offset the $10,960 from the collectibles?
so in other words, can I use normal capital losses to offset capital gains from collectibles

Hi there, i'm currently taking legt2751 this semester and i receive similar assignment about capital gain. Would you mind sending me your assignment questions and final paper as a guidance for me? It would be greatly appreciated. Thank you!