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Exposure Draft – Non-Commercial Losses

Published on 27 Jul 09 by THE TAX INSTITUTE

Under the current non-commercial losses rules, an individual taxpayer carrying on a business activity either alone or in partnership may only claim a loss from that activity against their other income in an income year if they satisfy at least one of four objective tests in that year (refer Explanatory Memorandum, paragraph 1.3).

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TAXATION INSTITUTE OF AUSTRALIA

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