So i know this is stupid but im having a hard time finding the...

So i know this is stupid but im having a hard time finding the answer.

Basically im on $70k a year before tax at my day job.
Me and my partner have had a baby this year so she is getting centerlink while caring for the baby. She will only get it if i earn under $87k a year taxable income.

Now lets say ive got a $45k capital gain and a $30k capital loss share trading.
Does that result in $15k taxable income therefore leaving me under the $87k threshold?
Or does it count as $45k taxable income putting me at $115k taxable income but just $30k of it is offset for tax purposes?

Im aware of CGT discount and how much is taxed etc just unsure of the taxable income. Im assuming its the first way but just want to make sure.

Thanks