JukeBox45. Because this was not a part of your example, you should be aware of the following too:
Let's say you have carry forward losses of $30K and in the current tax year you have capital gains of $20K on assets held for less that 1 year and $16K gains on assets held for more than 1 year.
You should apply your accumulated losses against the non-discountable capital gains first and lastly to the discountable gains.
So you should apply $16K of the carry forward losses against the $16K non-discountable gains, leaving $0 non-discountable gains and $14K of losses remaining. You then apply this $14K against the $20K of discountable gains for this year, leaving a net capital gain for the year of $6K. As these are discountable capital gains, only $3K is taxed.
If you had done it the other way round, $20K of losses is applied against the $20K discountable gains, leaving $0 discountable gains for the year and $10K of losses remaining. This remaining $10K of losses is applied against the $16K of non-discountable gains leaving $6K of net capital gains. As these are non-discountable gains, the full $6K is taxed, instead of $3K by the first method.
The ATO allows you to do it that way (apply to non-discountable before discountable) and recommends that you do it that way, but it doesn't force you to do it that way. As it is to your advantage, make sure you do it that way.
I don't know off hand if the e-tax program will do it automatically for you, but you should make sure it happens that way.
