Hi,
Suppose someone has got $10 K to claim in taxes from couple of investment properties, and the person hasn’t paid any tax this year as income was say 5K (less than 6K threshold).
What happens now ?
1. Will he get any money back this year ?
2. Can this 10K loss be rolled-over to next year ?Also same sort of question from a student point of view: Say a full-time student pays 15K uni fees and he is not working this year, when he starts working next year he pays 15K in taxes, will get any benefit for the previously spend money (on uni fees) ?
Thanks,
Nick.Nick,
Taxable Income FY1 (financial year 1)
10,000 – 15,000 = -5,000
The $5,000 loss will be carried forward to FY2 as losses to offset against other taxable income.Not sure if there is any difference for uni fees though
James
The answer for the student will be no I suspect.
I suggest you contact the ATO then request a private ruling on it.
Simon Macks
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Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If the student in not working then the course cannot be related to current employment, therefore they could not claim this.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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