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Showing results for tags 'loss or $50k'.
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If we've had an ex rate loss in transferring funds from UK to Oz can we claim it as a FOREX loss? (ie ex rate was less when we transferred it than when we arrived in Oz) I read on ATO website that we can't claim for personal/domestic issues - is that correct? AND one of questions is 'any assets outside Oz in excess of $50k?', we had funds in a UK bank a/c which was brought over before end of tax year, does this count as assets? Do we need to answer 'yes'? And why do they need to know coz there is no tax payable on this is there? Thank you to anyone who can shed light on this. (I did ring ATO & after being passed from person to person, with promise of a ring back to clarify issues..which has never happened...I thought I'd ask on here, coz am sure one of you will know!) Kath:confused: