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Published on 21 Aug 09
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
With the Government's announcement in the Budget and subsequent issue of exposure draft legislation, non-commercial losses are firmly back on the agenda and the push to tighten the existing rules has begun.
With this renewed focus on non-commercial losses, it is a perfect opportunity to recap the current rules, tricks and traps and also understand the effect of the proposed changes and identify strategies to assist clients who may be caught by them. This presentation covers:
an overview of the non-commercial losses rules
the current test criteria
the exceptions to the rules
the Commissioner's discretion in relation to the current rules
the changes outlined in the exposure draft
the effect of the current rules and proposed changes on privately held business.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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