An Australian citizen holds shares in a New Zealand look-through company. Is the income from the look-through company taxable in Australia?
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Hi there @Rubelkarim
Yes, it is taxable for Australian residents, but they may be able to claim the foreign income tax offset.
Hi Tony,
Can Australian tax residents also claim losses from a New Zealand Look-Through Company as a deduction?
Hi @Rubelkarim
Do you mean a loss from a CGT event? If an Australian tax resident had a CGT event happen they'd work out their capital gain or loss and declare it in their Australian tax return. Capital losses reduce capital gains.
Hi AriATO,
I meant Income losses from NZ ( Look Through Company).
Since the income from LTC is assessable, can the Australian tax resident claim the income losses as a deduction?
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