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RKD(Initiate)Initiate
14 June 2021

Hi Team

Can you please advise on Carry forward of Losses on Invetsment property, where the individual is Non resident Individual with investment property in Australia. There is no other income. The income from Investment property is Loss due to Depreciation Claim & Bank Interest. Our Querry is :

1. Can the losses be carry ofrward losses even if Residential Status is Non resident?

2. If so, where (Under what heading / number) do we show Carry forward losses in Tax return?

3. If the depreciaton is claimed in year 1, does it need to be claimed in each year or there is an option not to claim in year 2 onwards as there is not enough income?

Thanks in advance

RKD

5,224 views
5 replies
5,224 views
5 replies

Most helpful response

Most helpful replyATO Certified Response

CaroATO(Community Support)Community Support
ATO Certified Response16 June 2021

Hi @RKD,


A non-resident can carry forward losses. They need to be claimed in either the year they occurred or the next possible opportunity.


A similar question has been asked in this forum previously. It provides some really good information.


How to the report the rental property loss on your tax return is explained in detail on our website.


There is a fantastic publication call Rental-Properties - 2020 that is well worth a read. It talks about losses in detail and may answer other questions you have.


Take care and stay safe.

All replies

Most helpful replyATO Certified Response

CaroATO(Community Support)Community Support
ATO Certified Response16 June 2021

Hi @RKD,


A non-resident can carry forward losses. They need to be claimed in either the year they occurred or the next possible opportunity.


A similar question has been asked in this forum previously. It provides some really good information.


How to the report the rental property loss on your tax return is explained in detail on our website.


There is a fantastic publication call Rental-Properties - 2020 that is well worth a read. It talks about losses in detail and may answer other questions you have.


Take care and stay safe.

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Carry Forward Losses on Investment property | ATO Community