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21 Nov 1111 Getting total net investment losses correct

The ATO advises agents who have clients who have a 'net financial investment loss' and/or a 'net rental property loss', the relevant loss must be correctly reported in their tax return at labels IT5 and/or IT6.

The ATO is concerned about the number of tax returns it is receiving where the client's circumstances require the labels to be completed but no values have been reported.

Any losses reported, are added together to calculate a client's 'total net investment loss', which is used as a component of 'adjusted taxable income' to determine if they meet the relevant income test for a number of government entitlements and liabilities. If these losses are not reported correctly, it may result in the client having a family payment or child support debt.

For more information, refer to Total net investment loss - income tests.


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