Can we get tax deduction on overseas stocks losses?
- Principal at MM Consultancy Pty Ltd
- Suite 14 Level 11 56 Berry Street North Sydney NSW 2060
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