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J27USA(Newbie)Newbie
10 Oct 2021

Hi I have been living and working in the USA for a few years, but still have a rental property in Australia. For the last few years the property has run at a loss, however this year it made a small profit. Can I offset my previous years losses on this property against the current years profit? The my tax app keeps telling me I have non available. Thanks in advance

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4,369 views
1 replies

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Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response11 Oct 2021

Hi @J27USA, You can continue to carry forward a tax loss and apply it to your assessable income at the next opportunity. This would be the case if you're lodging returns and have a tax loss to offset - https://www.ato.gov.au/Individuals/myTax/2021/In-detail/Tax-losses-of-earlier-income-years/ If you didn't previously carry the tax loss forward, we'd recommend you amend the previous year to include it.

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Most helpful replyATO Certified Response

JodieR_ATO(Community Support)Community Support
ATO Certified Response11 Oct 2021

Hi @J27USA, You can continue to carry forward a tax loss and apply it to your assessable income at the next opportunity. This would be the case if you're lodging returns and have a tax loss to offset - https://www.ato.gov.au/Individuals/myTax/2021/In-detail/Tax-losses-of-earlier-income-years/ If you didn't previously carry the tax loss forward, we'd recommend you amend the previous year to include it.

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