Can you negative gear a property with the other

[Anibo]

Hey guys, hope you can help.
We are currently on a 3-year work assignment in NZ. We have rented out our house in NSW and also have another investment property in NSW. Our house generates small income as the rental income is higher than the mortgage payments, but our investment property is costing us heaps every month. Since we have no taxable income (salary, wage) in Australia anymore the great idea of negative gearing is not so great anymore.
Now here my question:
Can we negative gear one property with the other in our annual tax return?

 

[Terryw]

Hey guys, hope you can help.
We are currently on a 3-year work assignment in NZ. We have rented out our house in NSW and also have another investment property in NSW. Our house generates small income as the rental income is higher than the mortgage payments, but our investment property is costing us heaps every month. Since we have no taxable income (salary, wage) in Australia anymore the great idea of negative gearing is not so great anymore.
Now here my question:
Can we negative gear one property with the other in our annual tax return?

yes. Any losses from one will offset the gains on the other - provided same persons own both.

 

[Jandnat]

Losses can also be carried forward for up to 7 years and used when you return back to work in Aus.

 

[damacc]

If you are working in NZ are you considered an NZ resident for tax purposes? Do you need to complete a NZ tax return? I had a look on the NZ tax website and there is some information that might assist you.

http://www.ird.govt.nz/international/nzwithos/investments/

Also note that in NZ withholding tax used to be automatically deducted from bank accounts and if you wanted it refunded you needed to lodge a tax return. Not sure if that is still the case.

 

[Mry]

Losses can also be carried forward for up to 7 years and used when you return back to work in Aus.

Losses can be carried forward indefinitely for individuals, until you die

 

[Anibo]

Thanks to all who replied. The info was helpful! Have a great weekend.