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Carried Forward
Foreign Losses
For Partnerships |
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Carried Forward Foreign Losses For Partnerships
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| Are you? |
- A person with an interest in a partnership? |
| At a glance: |
- The Federal Government has recently announced that legislation to allow partnerships to utilise carry forward foreign losses from previous years has now received royal assent. |
| You should: |
- Be aware of the new foreign loss rules.
- Contact us if you require any clarification or advice. |
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| 1. |
A technical defect in the recently introduced legislation incorporating the new foreign loss rules caused unintended consequences for partnerships, not allowing these entities to utilise foreign losses carried forward from prior years.
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| 2. |
The Government realised the technical defect, and in June 2009 introduced legislation to correct this. This legislation has now received royal assent.
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| 3. |
The amending provisions contained in the legislation are intended at allowing convertible foreign losses to be deducted in calculating the net income or loss of a partnership.
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| 4. |
The changes to the laws apply retrospectively from July 1, 2008.
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| 5. |
For more information, click here, or visit the ATO website at http://www.ato.gov.au.
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