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MEMBER 99 writes
"How hard is it to add up two numbers and subtract the result from another?
We have received an income discrepancy letter from the ATO for a client who received a capital gains distribution from the Family Trust. The client had a carry forward capital loss from prior years and a net capital loss from direct share transactions during the year. The ATO wanted to know why the net taxable capital gain for the year was less than the distributed amount as reported in the Family Trust return. The prior year loss was recorded in the ITR from the prior year (also shown in the lodged ITR for the year in question) and the current year capital loss was also reported in the CGT schedule.
What a waste of time and resource to respond within the standard time frame to account for the ATO's own shortcomings. Just another example of the frustration we have to deal with. All the while trying to meet the lodgment deadlines at this, the busiest time of our year.
Good luck!"

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