SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
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.