Hi,
My question pertains to New Zealand property investors who are currently or in the past been employed in Australia.
I am currently working in Australia and as per the rules of the Australian Tax Office, i am able to offset the losses of my rental property in NZ against my paye income here. This property is in my personal name.
However, i have been informed by my accountant in Aus that i may not be able to do the same for a property owned in my LAQC as the ATO may not recognize this structure where all losses are transfered to the shareholders and must be offset against personal paye income.
Has anyone been in the same situation before? Did the ATO accept this structure?
Love to hear from everyone who may have knowledge on this subject.
Thanks
My question pertains to New Zealand property investors who are currently or in the past been employed in Australia.
I am currently working in Australia and as per the rules of the Australian Tax Office, i am able to offset the losses of my rental property in NZ against my paye income here. This property is in my personal name.
However, i have been informed by my accountant in Aus that i may not be able to do the same for a property owned in my LAQC as the ATO may not recognize this structure where all losses are transfered to the shareholders and must be offset against personal paye income.
Has anyone been in the same situation before? Did the ATO accept this structure?
Love to hear from everyone who may have knowledge on this subject.
Thanks
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