Gees Dude , Now you want me to talk all intelligent again? Rememebr the formulae is Capital gain made during the year of assessment Less Capital loss made during the year of assessment This will give you Net Capital loss/gain Less Assessed Loss carried forward This will give you Capital gain /loss for teh year Less primarly rabate (not sure how much) To answer your question ,if part of assessed loss "yes" else "no"
SI, don't hold me to this, but the loss would probably have been included in your taxable income in the year in which it was incurred, and would therefore probably have reduced your taxable income for that year, so it has already been "carried forward" by the inclusion in your taxable income in that year, so can't really be "set off" against your capital gain in this year.
So does this mean that a loss on trading shares or derivatives can be offset against one's income for the year? I am new to this game and losing money beautifully, so it would be nice to at least pay a bit less tax.
My understanding: if you're a salary man and trade on the side you'll be a trader for I(ncome) T(ax) P(urposes): your nett losses will be capped and set off against taxable profits in future years to determine a taxable income from trading. If your primary income is from trading and you suffer a loss you have no tax problem - only cash flow problems :-), and other income, fees or income from part time services rendered, will be taxed after setting off the trading loss for ITP.