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_LukeH247(Newbie)Newbie
16 Aug 2021

HI

I am a foreign resident for tax purposes and have an Australian property that I have rented out for the last few years. The property has made the following losses (per my previous years tax returns).

-$297916-17
-$2238
17-18
-$2280
18-19
-$867
19-20

This year it has made a slight gain ($319). My questions are the following

  1. Can I net off previous years losses from this years gain?
  2. If so, and I net off the $319 gain against previous years losses, can I carry forward the remaning loss into future years?
  3. Which box(es) do I enter the losses carried forward from the choices on the return below?

  • Primary production losses carried forward from earlier years
  • Net exempt income you are applying against primary production losses
  • Non-primary production losses carried forward from earlier years
  • Net exempt income you are applying against non-primary production losses

Many thanks for the help

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891 views
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Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response18 Aug 2021

Hi @LukeH247,

Yes, you can carry forward previous years tax losses. You are also expected to use these tax losses at the first opportunity against a tax gain. So offsetting your loss against a gain in your 2021FY return would be fine. We have information on our web on where to report this depending on how you are lodging your return.

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Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response18 Aug 2021

Hi @LukeH247,

Yes, you can carry forward previous years tax losses. You are also expected to use these tax losses at the first opportunity against a tax gain. So offsetting your loss against a gain in your 2021FY return would be fine. We have information on our web on where to report this depending on how you are lodging your return.

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