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I am a salary earner and also I own an australian pty ltd company

Customer Question

I am a salary earner and also I own an australian pty ltd company with with my wife. I have lend $200k to this company. Company is in loss .

in normal situation I can not use as a capital lost.

So My question is, is there any situation that can i use as a capital loss? so i can reduce my tax return due to salary income ? if there is some way how? suxch as idf the company that we own bankrupt or anyother situation?
Submitted: 3 years ago.
Category: UK Tax
Expert:  Tony Tax replied 3 years ago.
Hi.

Are you referring to the UK tax situation?
Customer: replied 3 years ago.

no Australian TAx situation


 

Expert:  Tony Tax replied 3 years ago.

Thanks for the clarification.

I cannot answer your question as this is the UK Tax section of just answer. I've asked for it to be transferred to the Australian Law section.

Expert:  Havenlawyer replied 3 years ago.
Hello and thank you for your question.

What you have is a capital loss. You cannot right off capital losses against regular income, rather you can only use it as a right off against capital gains.

If you currently have no capital gains then you don't need to use it, and you can save it to right off against future capital gains.

The following ATO link explains:

http://www.ato.gov.au/General/Capital-gains-tax/In-detail/Shares,-units-and-similar-investments/Claiming-losses-from-the-disposal-of-investments/?default=&page=2

The above link refers to a loss of share value, but the same applies if you have to right off a loan.

I trust the above assists.

Please rate my answer so I can be paid by the website operator.

Please note I am only paid if you rate me with three or more stars/smileys.

Thank you and good luck.

Patrick
Expert:  Havenlawyer replied 3 years ago.
I note that you have not rated my answer.

I have tried to assist you and it appears I have answered your question comprehensively. It is only fair that you now rate my answer so that I can be paid, by Just Answer, for my time and effort. I am only paid if you rate my answer positively.

Please note it is the website operator that pays me out of the funds you previously paid. It costs you nothing extra to rate my answer.

Thanks in advance,

Patrick.
Expert:  Havenlawyer replied 3 years ago.
I note that you have not rated my answer.

I have tried to assist you and it appears I have answered your question comprehensively. It is only fair that you now rate my answer so that I can be paid, by Just Answer, for my time and effort. I am only paid if you rate my answer positively.

Please note it is the website operator that pays me out of the funds you previously paid. It costs you nothing extra to rate my answer.

Thanks in advance,

Patrick.
Customer: replied 3 years ago.

The answer is not related to question. My question is my loan to my company, not related to shre or otehr capital investments

Expert:  WendyW-Mod replied 3 years ago.
Hello,


I’m Wendy, and I’m moderator for this Legal topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.


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Customer: replied 3 years ago.

Hi Wendy,



Currently I am still interested to get answer from your consultants.


 


Regards


Memduh

Expert:  WendyW-Mod replied 3 years ago.
Hello Memduh,

Thank you, XXXXX XXXXX continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.

Best,
Wendy
Expert:  Fran-mod replied 3 years ago.
We are still working with the professionals to find you the best possible match. I wanted to touch base to see if you still needed a professional’s assistance.

Please let me know if you would like to continue to wait or if you would like to cancel your question at this time. We sincerely XXXXX XXXXX the extended wait time.
Expert:  lrizos replied 3 years ago.
Good Eveing

Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.


I am currently overseas and about to board a flight so may not be able to respond immediately.

When you gave the loan to the company how was it structured. Was it an investment and did you show any repayments as income on your income tax returns?

Was there a deed of loan or other document to show what the structure of the loan was?
Customer: replied 3 years ago.

Hi can I answer this question over the phone which coudl be easier and quciker. my number is XXXXX

 

Thanks

 

Expert:  Lindie-mod replied 3 years ago.

Hello,

I'm Lindie, and I’m a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!

Best,

Lindie

Customer: replied 3 years ago.

Hi


 


Iknow it is a difficult question so perhaps it is better to cancel


 


Thanks


 

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