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Talking about Capital Losses. Completely different.

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PropositionMoe

483 Posts.

5

12/05/16

13:53

Post #: 17747854
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Originally posted by Mr Heman ↑

The ATO will only allow you to offset your trading loss against assessable income from other sources if:

you earn less than $250,000 and satisfy one of the four non-commercial losses tests below (profits test, assessable income test, other assets test, real property test); or

the Commissioner of Taxation uses his discretion to allow you to claim the loss (this rarely happens).

The non-commercial losses limit the ability of taxpayers to offset business losses against other assessment income unless one or more of the following tests are met:

assessable income generated by the business is at least $20,000 (assessable income test);

the business shows a profit for at least three out of the last five years (profits test);

the business has property or an interest in real property with at least $500,000 on a continuing basis (real property test); or

the business has at least $100,000 of other assets being used on a continuing basis (other assets test).

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Talking about Capital Losses. Completely different.
LWP Price at posting: 0.4¢ Sentiment: Hold Disclosure: Held
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