How do i deal with overseas loan as i declare worldwide income ?

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(Initiate)Initiate

1 Feb 2023

I am an Australian resident for tax purposes. I am unable to understand how to deal with the following two things.

I have my student loan in a foreign country with a Foreign bank.
I also have a stock account with the same bank and own shares.

I am not actively trading these shares and am at a significant loss if I sell these shares right now. However, I am hoping for the market to turn around in the next 6 months.

The original plan was to eventually be able to use the profit or income from these shares to pay back my student loan.

I have recently decided to take a break from work and am in the middle of trying to establish a startup in Australia so my financial situation is quite tight. Hence, the request to understand on this significant debt and potential income stream.

Does this loan need to be declared in the Australian tax return and am I eligible for any benefit on the loan or the interest payments ?
If there is no tax benefit for the interest payments on the loan, is it possible to request exemption for overseas income not earned in Australia and is going to be used to pay back a loan?

Thanks a lot for the help. Much appreciated.

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