All Topics / Help Needed! / In a Family Trust Can you rollover current year loss to the future

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  • Profile photo of petefromsydneypetefromsydney
    Participant
    @petefromsydney
    Join Date: 2010
    Post Count: 10

    Let’s say if I have a property in a family trust and made a loss of $5000 in the current financial year and I understand that I cannot distribute the loss and if the property makes a profit of $8000 in the following year, will I be able to subtract the $5000 loss and just distribute the $3000 to beneficiaries?

    Profile photo of hydramaxhydramax
    Participant
    @hydramax
    Join Date: 2009
    Post Count: 47

    I don’t think you can carry losses over in a trust.

    Profile photo of ScottScott
    Participant
    @scotty-t
    Join Date: 2014
    Post Count: 9

    Yes, the prior year loss is carried forward and can offset future years income

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    get some tax advice, you might have to make a family trust election to be able to carry forward the loss.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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