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07 Aug 099 Submission on Non-Commercial Losses Exposure Draft

On 27 July 2009, the Taxation Institute lodged a submission with Treasury in relation to the Exposure Draft legislation and the draft Explanatory Memorandum to implement changes announced in the 2009-10 Budget to tighten the non-commercial losses rules.

Given that those taxpayers who do not satisfy the new adjustable income requirement of $250,000 will be forced to rely on the Commissioner’s discretion, the Taxation Institute submits that the Explanatory Memorandum should be amended to include further guidance in relation to the circumstances in which the Commissioner might be expected to exercise his discretion.  

For a copy of the submission, go here.

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