Do you know that you could claim negative gearing on a foreign property against Australian income?
Firstly, Interest expenses incurred by you after 1 July 2001 in relation to your
foreign rental property are a debt deduction incurred in earning assessable foreign rental income and the full amount is
allowable as a deduction against your total assessable income.
Secondly, the foreign loss rules have been repealed from 1 July 2008 and it will make the claim on the foreign rental property even easier.
For more information, contact Matt Zhou on 02 9957 4033.