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Re: Partnership Losses

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Newbie

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Replies 5

Can a loss in a partnership be carried over to the next year?

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Best answer

Megastar Registered Tax Practitioner

Replies 3

Hi Maxd

 

If you can't deduct your share of partnership loss in the current year (in your individual tax return), you can defer your loss for use in a later year.

 

One Stop Tax

Tax Return and Tax Back Specialist

 

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Devotee Registered Tax Practitioner

Replies 0

No  -  it must be distributed to the partners.

Best answer

Megastar Registered Tax Practitioner

Replies 3

Hi Maxd

 

If you can't deduct your share of partnership loss in the current year (in your individual tax return), you can defer your loss for use in a later year.

 

One Stop Tax

Tax Return and Tax Back Specialist

 

Newbie

Replies 1

Thank you One Stop Tax.   How do you show the deferal in the partnership return?

Megastar Registered Tax Practitioner

Replies 0

Hi Maxd

 

You deal with your share of partnership loss in your personal tax return not in partnership return.

 

One Stop Tax

Tax Return and Tax Back Specialist

https://onestoptax.com.au/

Newbie

Replies 0

Thnak you.  How do you show that deferral in the personal return?

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