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    Renting out your home during a period of absence

    If you rent out your home while you are away, it is possible that the relevant expenses will be higher than the rental income. If this is the case, you will only make a loss for Australian tax purposes if your deductible expenditure is higher than the sum of your assessable income and net exempt income.

    If you retain your residency status for tax purposes while you are overseas, you would need to offset any exempt foreign source income against any Australian rental loss. For most people, this means you would generally not have any rental losses available to be carried forward if you are employed overseas.

    Any loss that is brought forward from a prior year must first be offset against any exempt foreign source income from the current year before being deducted from your assessable income.

      Last modified: 24 Jun 2016QC 16742