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Carried forward capital loss on shares Expand / Collapse
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Posted 14/12/2007 9:26:47 PM
Junior Member

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Last Login: 17/12/2007 8:11:36 PM
Posts: 2, Visits: 7
During the course of the last financial year I included a capital loss on the sale of shares.  DR 2711 $xx and CR 3015 $xx (members accounts). All good.

Following rollover it is apparent that the total of the loss has appeared twice in the Income of the fund (P&L) for the relevant year. ie. 4400-11 Capital Gains/(Losses) Taxable for Shares ($xx)  -  There is another entry in the same area 4400-999 Capital Gains/(Losses) Taxable Adjustment ($xx).  They add together in the Income area and consequently result in improperly reducing the profit for the period.  The loss finishes up being twice the amount it should be. 

Am I missing something here?  Any help would be much appreciated.

Post #3690
Posted 16/12/2007 4:53:19 PM
MySF Administrator

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Last Login: 17/05/2010 6:31:15 PM
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Apologies for the delay in answering your post.

Why did you manually record a carry forward capital loss amount? Was this an opening balance?

If this record of a loss to be carried forward was recorded alongside the sale transaction in the current year that produced the loss then that is what caused the program to double up on the amounts.

Regards,

MySF
Post #3694
Posted 17/12/2007 2:49:06 PM
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Yes this was brought in as an opening balance in the year being rolled over.
Post #3695
Posted 18/12/2007 10:47:28 PM
MySF Administrator

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Last Login: 17/05/2010 6:31:15 PM
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Hi,

We would need to investigate the processing that was done to record this and track back any errors that may have occurred. Please send through your fund's data file as an email attachment to info@mysf.com.au

We apologise for the inconvenience, but in some cases we need to check the data to provide an accurate assessment of a problem.

Regards,

MySF
Post #3698
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