Hi,
I had a taxable loss last year because of the interest charged by ATO. I only earned directors fees last year around 50k but ATO charged me GIC for around 80k for failing to pay my income tax from the prior years. Therefore, I had taxable loss of 30k from FY2021.
The question is, can I carry forward this taxable loss in FY2022 and deduct it against my director fees income of 25k, so my taxable income will be nil? Thanks.
You should check your 2021 tax return to make sure the GSC was properly claimed.
The loss shown on the 2021 tax return can be carried forward to 2022.
You should check your 2021 tax return to make sure the GSC was properly claimed.
The loss shown on the 2021 tax return can be carried forward to 2022.
Sometimes there's also a variance between GIC charged, and amount/s pf GIC actually paid.
Beware of any devil in the detail.
Hi @Ms.J,
The GIC rates on our website will help you with the calculation.
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