Hi there,
I’ve recently immigrated to AUS and am facing my first AUS tax return (scary prospect indeed!). To that end I’m seeking some clarification around the extent to which I can claim NZ tax losses (from investment property owned under my own name) in my AUS return. My specific questions are as follows:
1. From what I understand I can only claim NZ tax losses that accrue AFTER the date I become AUS tax resident (i.e. any NZ losses I have before this date CAN NOT be claimed) – is this correct?
2. As I arrived in AUS on 10-May-2011, I assume that I need to apportion the loss (i.e. if my annual NZ loss is say $10,000 then I need to divide that by 365 to get a per day loss and then multiply it by the number of days between 10-May-2011 and 31-Mar-2012 to get the loss amount to put into my 2012 AUS return ) – is that correct?
3. Following on from this, I assume going forward (i.e. for complete/ whole tax years in both countries), it will just be a case of claiming my full annual NZ loss (year end 31-Mar) in my annual AUS return (year end 30-Jun)?
4. And, last but not least, in terms of the actual AUS return, can I just use the actual single NZ loss figure (say $10,000) and insert that into a box on the AUS return somewhere, or do I need to somehow replicate all the NZ workings (i.e. show my NZ rental income, less the mortgage interest, repairs, depreciation… etc). I’m hoping it’s the former as I’m already paying someone in NZ to do that for me so I sure as hell don’t want to have to do it again!!
Anyway… that’s me for now… I’m hoping some bright sparks out there will be able to put me out of my misery! J
Many thanks,
Stuart.
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