Hi There,
Does anyone know if a person can still get tax advantages through negative gearing if that person decides to work overseas. i.e has an investment property in australia but has decided to work obroad and paying overseas tax. Are there any ways in which you can still get these negative gearing benefits. Your advice would be greatly appreciated.
Hi Jason,
I have previously worked overseas full time, and currently work overseas but rotate back to Oz on a regular basis.
In the past the losses generated on -CF props are simply lumped into the “Loss Carried Forward” pot, and when you are back in Oz and earning a taxable income, these are simply offset against that income. Works nicely…I consider it to be the ‘double bonus’.
Anyway – that’s what my accountant formally submits on my behalf. I’ve spent alot of money checking all of this out – so I’d suggest you do the same if at all unsure. Your ‘resident status’ has alot to do with what you can claim…and that’s a whole different ball of wax altogether.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Dazzling,
So what you mean is that the losses accumulated over the years can be tax deducted once I return back to Australia? Does this have a restricted time frame? Also is this loss claimed back as one lump sum?
Thanks,
Jason
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