No, you cannot . Have you informed ATO of your overseas employment?mayerlogue wrote:I am a PR in Singapore and think I understand the tax implications of the change in rules over the last few years.
One thing I'm confused about is tax loses in Australia. I have my house in Australia rented out but make a loss on it. I keep getting different advice about tax loses
Can I carry tax loses forward to use if/when I return to Australia in the future. Is there a time limit and $ limit?
http://www.ato.gov.au/corporate/PrintFr ... 262223.htmHow individuals utilise losses
Individuals, both those in business (sole traders and partners) and those not in business, can generally carry forward a tax loss indefinitely, but must utilise a tax loss at the first opportunity.
That is, if your income in the current income year exceeds your current year's deductions, you must offset any losses you have carried forward from previous years against your current year's income. You cannot choose to hold onto losses to offset them against future income if they can be offset against the current year's income.
To the OP,Last Modified: Wednesday, 3 August 2011
(from the same document)Australian and foreign income
Australian residents are taxed in Australia on their worldwide income; foreign residents are taxed in Australia on income derived in Australia. For the purpose of tax losses, this means that:
Australian residents now calculate an overall tax loss on the basis of their worldwide income and deductions - but there are restrictions on the utilisation of tax losses incurred in relation to foreign income before 1 July 2008 (see Foreign losses)
foreign residents calculate a tax loss on the basis of their Australian income and deductions incurred in earning that income.
Users browsing this forum: No registered users and 3 guests