Sample Data:
Net Capital Gain - $45,000 (already net of any capital losses, if there is any)
Business Loss - $25,000 (This amount will reduce the company’s overall taxable income, but it cannot be used to directly reduce the $45,000 capital gain at the CGT level.)
Net Capital Gain:
Business Loss (under Profit & Loss Section):
Note: Just select "NO" for the line item question "Are you required to lodge losses schedule or consolidated groups losses schedule?" under the "Losses" section, since the business losses will reduce the Overall Company Taxable Income, shown in the "Tax Calculation" tab.
In the Tax Calculation tab, the "Taxable or net income" value will be $20,000 (Net Capital Gain $45,000 less Business Loss $25,000)
