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| Rental Losses and Bankruptcy |
| The AAT has recently confirmed that carried forward rental losses incurred by a taxpayer before bankruptcy are not deductible. |
The taxpayer incurred interest in servicing debts on several rental properties and other outgoings which resulted in tax losses prior to his bankruptcy. He subsequently claimed deductions for the carried forward losses in later returns. The Commissioner disallowed the deductions based on the relevant loss provisions which disallow deductions for losses incurred before bankruptcy.
The taxpayer unsuccessfully argued that Parliament only intended to prevent bankrupts from claiming deductions for debts they were not obliged to repay as result of the bankruptcy. In this case, the taxpayer was seeking a deduction for payments he had actually made before becoming bankrupt which were unrelated to his bankruptcy.
The AAT dismissed the taxpayer?s arguments and confirmed the Commissioner?s approach.
4th-August-2003 |
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