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Can negative gearing losses be carried forward?

Discussion in 'Accounting, Tax & Legal' started by Jewels, 27th Nov, 2005.

  1. Jewels

    Jewels New Member

    Joined:
    13th Nov, 2005
    Posts:
    1
    Hi All

    Can anyone give me some pointers as to whether negative geared losses can be carried forward?

    After 5 years of building my property portfolio, I now have a really good opportunity to move to UK for 5 years with a great job

    But what happens to my properties whilst not resident in Australia? Can I carry losses forward to deduct against sale when I return? Or do I simply have to wear it?

    Cheers

    Jewels
     
  2. artgul

    artgul Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    77
    Location:
    Sydney
    I'm not sure but, my understanding is that you can only carry the loses if the lost is within a Trust structure otherwise, one would have to wear it.

    Rgds,
    artgul
     
  3. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    Hi Jewels
    If you become a non resident and continue to own Ips in Aust you will be required to lodge ITR's

    If you incur a loss that loss will remain isolated here until you generate enough income to absorb the losses.
    NickM