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Can I transfer my tax loss to my spouse?

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Newbie

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Replies 1

Hi,

My spouse and I have a couple of investment properties and both our names are titled to the properties (tenancies in common).I am currently on maternity leave (Most likely will be on leave for an extra year) and have not earned any income for the financial year and year thereafter. When I complete my tax return, the deductions for the properties are giving me a big tax loss, can I offset 100% of the tax loss to my spouse as we’re both on the titles?

When completing my tax return, can the deductions on the properties be 100% claimed from my spouse instead of 50% myself 50% spouse when both of us are tenancies in common?
1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Devotee

Replies 0

@juicyfruit 

 

NO .. you must continue to apportion everything in relation to the investment property on a 50 / 50 basis.

 

There are no provisions for tansfering losses from one individual to another.

 

The ATO take a very strong position on this and usually apply hefty penalties when individuals try to transfer losses amongst themselves at will, because its viewed in a similar way to a tax avoidance scheme.

 

All the best .. STAY SAFE!

 

 

1 REPLY 1
Highlighted

Best answer

Devotee

Replies 0

@juicyfruit 

 

NO .. you must continue to apportion everything in relation to the investment property on a 50 / 50 basis.

 

There are no provisions for tansfering losses from one individual to another.

 

The ATO take a very strong position on this and usually apply hefty penalties when individuals try to transfer losses amongst themselves at will, because its viewed in a similar way to a tax avoidance scheme.

 

All the best .. STAY SAFE!