Can I off-set losses on in investment poperty in New Zealand ?

[merb]

Hi there

I have an Investment property in New Zealand that I will be making a loss on unfortunately. As Ireland has a double taxation agreement with NZ can I offset this loss against my PAYE income here in Ireland ? In case anyone is familair with NZ taxation law, the property has been bought as a Loss Adjustment Qualifying Company - in NZ this means that any losses the company makes (e.g. borrowings) can be offset against the directors other income. Im not sure if this makes any difference but worth knowing in case it has any bearing

Thx

 

[DonKing]

Re: Can I off-set losses on in investmetn poperty in New Zealand ?

Hi there

As Ireland has a double taxation agreement with NZ can I offset this loss against my PAYE income here in Ireland ?
Thx

No

 

[John Conlon]

Is the loss a capital loss on selling the property/

Or is it a loss on rental of the property?

Losses on renting the property
Losses on foreign rental would be under Case III forign possessions. Such losses are only useable against foregn income.
generally Revenue would only offset against other foreign rental.

Unuses losses would be carried forward

Capital Loss

Any loss would be useable against another capital gain in the year, wherever sourced.
It could not be used against income of nay sort.
Unused loss would be carried forward against future capital gains.
Therefore, neither case gives you an offset against PAYE.

It is important to note that you will also need to file Form 11 by 31st October in relation to any rental income.

If you dispose of theproperty you will need to file a return for Capital Gains tax even if you make a loss

[broken link removed]

 

[DonKing]

Is the loss a capital loss on selling the property/

Or is it a loss on rental of the property?

Losses on renting the property
Losses on foreign rental would be under Case III forign possessions. Such losses are only useable against foregn income.
generally Revenue would only offset against other foreign rental.

Unuses losses would be carried forward

Capital Loss

Any loss would be useable against another capital gain in the year, wherever sourced.
It could not be used against income of nay sort.
Unused loss would be carried forward against future capital gains.
Therefore, neither case gives you an offset against PAYE.

It is important to note that you will also need to file Form 11 by 31st October in relation to any rental income.

If you dispose of theproperty you will need to file a return for Capital Gains tax even if you make a loss

[broken link removed]

Yeah.....like I answered, no