Thanks Terry. If I decide to carry forward the negative income (loss), do I need to complete any paperwork with ATO in advance for next year’s tax return? Will there be a special tax return form for reporting negative income (loss) to ATO?

By the way, I didn’t know that my wife’s income could be diverted to me. Could you please elaborate on it or direct me to someone who could inform me as to how it can be done.

Once again, thanks for your help