Wife and I own a 1 x residential property in Memphis, TN via an LLC setup. US tax return is completed by a US accountant. We submitted the last two years US returns with our Australian tax return to our Australian accountant in October 2013. W/c 10th February 2014, we finally receive out tax returns based solely on our Australian group certificates and nothing has been done about our US tax – which is a series of losses after income. Australian accountant has informed us that all USA tax losses and income are "quarantined " in America and not claimable against Australian tax.
What about worldwide income as an Australian resident in the eyes of the ATO?
Can anybody point me in the right direction which includes a new accountant?
I just started dealing with these guys
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