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  • Losses

    You generally make a tax loss when the total deductions you can claim for an income year exceed your income for the year. Total income includes both assessable and net exempt income for the year.

    If you make a tax loss in an income year you can carry it forward and deduct it in future years against income for tax purposes. Certain deductions cannot be used to contribute to a loss. A tax loss is different from a capital loss.

    Conditions differ for calculating tax losses for Australian and foreign residents.

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    Last modified: 28 May 2015QC 23592