Sorry, did you say something
What ?????
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Sorry, did you say something
That being the case the foreign exempt income is irrelevant if there is a double taxation agrement.ggumpshots,
Sorry if my post was not clear. In my case I was only referring to the issue of residency or non-residency for tax purposes whilst living overseas.
Hope that's clear.
Rgds,
This is what my accountant said too... I am working 4 weeks on & 4 off in PNG on an oil rig. The losses on my IP's can't be carried over, so I do a few shifts when I am back home so they are not a total loss!If you remain a resident of Australia while earning exempt foreign employment income, the losses are offset by your exempt income, meaning that you can't accumulate losses. You are better off to be a non-resident in that instance.
When you come back to Australia you are deemed to have acquired those shares at their market value at that date (ie no 50% CGT discount for another 12 months). From that point treated as normal.
Great info in this thread..
How does the losses situation work, if you moved overseas, turned your Oz PPOR into an IP, then returned to Australia a few years later and moved back into that property?
Can you still claim losses for the 2-3 years you were overseas if your property was -ve cashflow?
This is what my accountant said too... I am working 4 weeks on & 4 off in PNG on an oil rig. The losses on my IP's can't be carried over, so I do a few shifts when I am back home so they are not a total loss!
Julia has a good publication on her website about overseas income
http://www.bantacs.com.au/booklets/Overseas_Booklet.pdf
Steve