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Rental property loss when working abroad

Newbie

Views 592

Replies 2

When an Australian citizen is living abroad and earning foreign income, whist owning a rental property in Australia: if there is no tax payable in Australia and there is a loss from the rental property, does this loss carry forward to the next financial year?


What differences in the answer, if any, are there for tax residents vs non tax residents? 

Thank you!

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 1

A similar question has been answered before. The short answer is: Yes. The loss can be carried forward to offset future AUSTRALIAN source income.

Loss must be used to offset exempt income first, then taxable income.

 

Link:

 

https://community.ato.gov.au/t5/Investment-property/Rental-loses-carryover/td-p/22698

 

2 REPLIES 2

Most helpful response

Devotee

Replies 1

A similar question has been answered before. The short answer is: Yes. The loss can be carried forward to offset future AUSTRALIAN source income.

Loss must be used to offset exempt income first, then taxable income.

 

Link:

 

https://community.ato.gov.au/t5/Investment-property/Rental-loses-carryover/td-p/22698

 

Newbie

Replies 0

Thank you!