Hi mate,
You've cleared some tax stuff up for me last year regarding trader vs investor and stock valuation. I though things would be OK for this year''s tax buy I'm working on it and I'm confused regarding the rules for offsetting losses against regular income (wages for my FT job), so I'm just wondering if you can help me out.
I've been reading in the ATO website that losses from a business must pass at least 1 of the 4 tests in order to be offset against any other income and meet the income requirement (income is less than 250,000)
one of the tests is "Assessable income test": assessable income from your business activity during the financial year must be at least $20,000, this includes ordinary income – for example, the gross earnings (excluding GST) of a business activity, and statutory income – for example, capital gains.
Are wages classified as ordinary income?
I'm currently at a loss of about 25K for the 2018-2019 year, and only worked for a few months my income was about 30K, how do I know what's the max amount I can offset against my income (if possible)?
Thank you
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