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).
TAXATION INSTITUTE OF AUSTRALIA
Click here to expand/collapse more articles by TAXATION INSTITUTE OF AUSTRALIA.