ATO – What attracts our audit attention
To help you taxpayers get things right, you should consider the behaviours, characteristics and tax issues t
If you’re an individual in business, as either a sole trader or in partnership, and your business makes a loss, you may be able to offset the loss against your other income such as salary and wages.
To be eligible, you must meet the income requirement and pass one of the four tests. The four tests are:
You can only claim losses from genuine business activities.
You can’t offset losses from hobbies or investments.