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  • Profile photo of kramadugukramadugu
    Member
    @kramadugu
    Join Date: 2010
    Post Count: 3
    March 29, 2010 - 12:18 am

    I just had my returns done and about 13k AUD in losses. Definitely worth it. Had I known this before I would have claimed another 5K loss that I paid in cash and didnt bother to get receipts. I didnt do any tax return in NZ though. I am just converting all NZ expenses to AUD and directly claiming rather than doing one in NZ and claiming those tax offset in OZ. Not sure it make any difference. Thanks Wendy

    Profile photo of kramadugukramadugu
    Member
    @kramadugu
    Join Date: 2010
    Post Count: 3
    March 8, 2010 - 2:11 pm

    Thanks Mike. I guess my biggest frustration is that I am unable to gear it negative in australia. And that was a simple lack of knowledge that I can negative gear a NZ property in OZ. Last couple of year, a friend of mine accountant by the way has been doing my taxes and didnt think I could claim it in OZ.  So guess who is getting their arse kicked tomorrow. :) . It makes perfect sense to go see a proper tax accountant tomorrow.

    Wendy thank you for sharing your story with me and thanks for confirming that we can negatively gear NZ property in OZ. That will solve the problem as it will only cost me about 2000 with the tax refund.

    Mike, my financial situation has improved recently and once I get out of the fixed interest rate contract of 9.45% this 2010 May, it will be even better. I should be able to afford the losses from the NZ property for the next 2 years.

    Thanks a lot for the advice guys. You guys saved me a shit load of time and an unnecessary trip to NZ to renovate the place in an attempt to sell for breakeven.

    Krish

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