Validation error
This validation error occurs when both a carried‑forward capital loss and a net capital gain are reported in the SMSF Annual Return.
Causes & Solutions:
Cause 1: Collectible capital gains and other capital losses
This issue may occur where the fund has collectible capital gains and other capital losses in the same annual return.
Currently, Simple Fund 360 does not apply capital losses to collectible capital gains, which can result in this validation error.
How to resolve
- Manually edit the CGT Schedule to correct the capital gain and loss amounts so the validation can pass.
Cause 2: Segregated and unsegregated asset periods
This issue may also occur when the fund has multiple segregated and unsegregated periods during the financial year.
If capital gains from segregated assets are incorrectly included in the calculation of total net capital gains in the CGT Schedule, this validation error may be triggered.
How to resolve
- Manually edit the CGT Schedule.
- Generate Realised Capital Gains reports for each segregated and unsegregated period for the financial year.
- Use these reports to identify capital gains and losses under different pension policies.
- Adjust the CGT components accordingly so they are reported correctly.
Please note BGL does not provide tax advice, for compliance purposes, check ATO Guideline