I note that there appears to have been a change in the manner in which share trading losses are handled in the situation where the person incurring the loss has income from salary and wages.
In previous years, if a loss was incurred in share trading and the level of activity was sufficient for it to be deemed a business, the normal process was that the losses from trading would offset the income from salary and tax assessed on the net result.
I incurred a loss from share trading in 2012-13 and set about completing my return on E-Tax. I also had a share of loss in a partnership involved in a retail outlet that was closed early in the financial year. The E-Tax software is not permitting lodgment of the return inclusive of the partnership and share trading losses and from what I can see I have to seek a private ruling "on the exercise of the Commissioner's discretion for non-commercial losses".
Is anyone else aware of this and any possible alternatives to the seeking of the discretion?
