Ananda Raj Pandey
Ananda Raj Pandey Developer at SavvySME

Can we get tax deduction on overseas stocks losses?

Top voted answer
Mitesh Modi

Mitesh Modi, Principal at MM Consultancy Pty Ltd

Stock losses, I presume you are referring to loss on shares. Generally speaking the losses on shares are capital losses and as such you cannot take a deduction for that. If you have a capital gain you can set it off against that and if not you will have to carry forward the loss until you have a capital gain.

Australian residents for tax purposes need to declare their world wide income in their tax returns and therefore if you are a tax resident you can set off overseas capital losses to capital gains.

I hope this helps.

Mitesh Modi CA