When validating the tax return I receive the following error message.
CMN.ATO.CGTS.402162: Total current year capital losses applied can not be greater than total current year capital losses.
This error can occur for the following reasons:
This error is commonly a result of rounding errors causing the:
- Total current year capital losses; and
- Total current year capital losses applied
in the annual return's CGT Schedule to not match.
This can be fixed by updating the figures in the CGT Schedule to match. Please note the sum of labels K to R will equal to Total current year capital losses. Users can generate Realised Capital Gains Report from the Report Screen and decide which items under Capital Loss column to manually adjust for the rounding.
For example, a capital loss of $200.50 can be rounded up to $201 or down to $200 depending on the scenario.
Incorrect tax label for investment
If the investment has a tax label set as:
Assets - Cash and Term Deposits
it will not be included in the CGT schedule causing the Total current year capital losses figure to be missing any losses associated with that asset.
Editing the investment account and changing the Tax Label to an appropriate label will allow this asset to be included in the CGT Schedule.