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I understand that Centrelink add back any investment losses, but in ritchie's example above, they have effectively added it back twice. Reading the literature, it should be added back to the taxable income, not the gross income.

They are charging you twice for your rental losses, which isn't correct. The calculation for adjusted income is taxable income + investment losses + reportable super + adjusted fringe benefits + any tax free pensions. Looks as though they have used your gross income, rather than taxable...