Claiming previous years loss???

[oc1]

Hi all, just a quick one. I received my individual tax assessments back - finally. The accountant's away for a couple of weeks so I can't get in contact with him. My question is whether you can roll over say 2008's loss as a deduction for the 2009 financial year? Seems to me the ATO has made a mistake and when I speak to someone there they have no idea

Thanks in advance

 

[alexlee]

Your assessment notice won't have a prior year loss amount, but your accountant should keep track of that. In your current year return, there is a field for 'prior year loss claimed'.

Make sure you really have a net loss, though.

 

[oc1]

So would I be correct in assuming it's an ATO mistake. For example, if your income this year is say 100k but you have an accumulated loss of say $30k from the previous year, your taxable income would be $70k for this financial year?

 

[alexlee]

So would I be correct in assuming it's an ATO mistake. For example, if your income this year is say 100k but you have an accumulated loss of say $30k from the previous year, your taxable income would be $70k for this financial year?

Correct, but only if you actually put that down in your tax return. In your 2009 tax return there should be a field for 'prior year losses claimed' or similar. If your accountant put a number in there, your net taxable income should be lower. I'd check your 09 tax return first.

 

[oc1]

Correct, but only if you actually put that down in your tax return. In your 2009 tax return there should be a field for 'prior year losses claimed' or similar. If your accountant put a number in there, your net taxable income should be lower. I'd check your 09 tax return first.

Thanks Alex. My minds at ease now. Seems like an oversight. The tax returns clearly states the loss made from the previous year.

 

[oc1]

So would I be correct in assuming it's an ATO mistake. For example, if your income this year is say 100k but you have an accumulated loss of say $30k from the previous year, your taxable income would be $70k for this financial year?

Alex would HECS/HELP be payable on the $70k or $100k?

 

[buzzlightyear]

OC1, here's a link that will assist.

 

[oc1]

OC1, here's a link that will assist.

Thanks mate....not quite what I was after though. I'm trying to figure out which bracket i'll be in.

 

[ianvestor]

if your income this year is say 100k but you have an accumulated loss of say $30k from the previous year, your taxable income would be $70k for this financial year?

Correct, but only if you actually put that down in your tax return.

Just by the way, it doesn't work the other way around.

i.e. If you make $500k one year and rack up a $200k tax bill, no amount of loss in future years will offset that debt obligation.