When do you get taxed on transferring money to Aus
Jan 21st 2012 | 7:50 pm
#18
BE Forum Addict
Joined: Apr 2003
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From: Jacobs Ridge, Gold Coast
Jan 22nd 2012 | 2:28 am
#19
Retired
Joined: Apr 2004
Posts: 34,646
Re: When do you get taxed on transferring money to Aus
Not clear what you mean. In the capital gains tax regime, a loss can be generated just as easily as a gain. Losses can be offset against other capital gains. http://www.ato.gov.au/corporate/path...pc=001/001/038
Jan 22nd 2012 | 9:48 am
#20
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Joined: Jan 2003
Posts: 1,580
From: Brisbane
Re: When do you get taxed on transferring money to Aus
Not clear what you mean. In the capital gains tax regime, a loss can be generated just as easily as a gain. Losses can be offset against other capital gains. http://www.ato.gov.au/corporate/path...pc=001/001/038
I agree, if you have capital gains you can offset currency losses against these and you can carry the loss forward to future years if you don't have gains in the year you made the loss. And as the pound has been falling for the last 10 years most people will have capital losses regards pounds.
This loss cannot be offset against earned income, interest income, etc only capital gains.
Jan 23rd 2012 | 2:57 am
#21
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Re: When do you get taxed on transferring money to Aus
