NG in UK
Yes you can,...... however, my understanding is it would be very tricky!
The income and expenditure would be dealt with in the UK with the net loss then transferrable over to OZ tax system....
As long as the relevant authorities have a DTA (double tax agreement) then your profit/loss would not be dealt individually again in oz....Although, you would be able to reduce the net loss from your australian taxable income!
Any other comments if this is right...