Income tax Losses

Exposure Draft “ Non-Commercial Losses

Author: Taxation Institute Of Australia

Published Date: 27 Jul 2009

 

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Under the current non-commercial losses rules, an individual taxpayer carrying on a business activity either alone or in partnership may only claim a loss from that activity against their other income in an income year if they satisfy at least one of four objective tests in that year (refer Explanatory Memorandum, paragraph 1.3).
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  • Published By:Taxation Institute Of Australia
  • Published On:27 Jul 2009

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Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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