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Re: Claiming deductions with income under $18200

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Newbie

Views 724

Replies 3

My net income after investment losses, deductions, land tax..etc on my rental property, is less than $17000.
How can I claim, or where can I claim the deductions & land tax etc (or $18200-$17000=$1200 difference)? Can I declare them for future claiming?
Thanks
1 ACCEPTED SOLUTION

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Most helpful response

Taxicorn

Replies 2

@Stympy 

 

You can claim them but won't get them refunded to you.

 

You can only claim the deductions in the financial year that you incurred them.

 

You can only use deductions to reduce your tax down to zero.

 

 

 

3 REPLIES 3
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Most helpful response

Taxicorn

Replies 2

@Stympy 

 

You can claim them but won't get them refunded to you.

 

You can only claim the deductions in the financial year that you incurred them.

 

You can only use deductions to reduce your tax down to zero.

 

 

 

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Newbie

Replies 1

Are there no deductions that can be squirreled away for future claiming?
i.e nsw land tax, share losses...etc?
Only when going below $0.00 net income?
Thanks
Highlighted

Taxicorn

Replies 0

@Stympy 

 

Any rental expense that you paid for needs to be included in your tax return, you can not decide to claim for it in a later years tax return.

 

If rental expenses are not claimed, they can not be claimed as expenses in future years but possibly could be used to reduce capital gains when you sell the property as expenses not claimed. 

 

If you did this you would have a time limit of selling it past the 2 years you can amend your tax return.

 

Share losses do not reduce your taxable income but are capital losses and can be used to offset future capital gains (sell the house etc)