Dealing with tax losses for sole traders and partners
When the rules do and don’t apply Applying the four commerciality tests in practice Tricks, traps and anomalies in the system
When clients make losses from their business activities, they will normally want to offset these against income derived from other activities. However, the non-commercial loss rules can sometimes prevent this from happening and are not always easy to apply in real life.
In this session, we work through the rules step-by-step so that you can identify when there might be a problem and the concessions that might help clients reduce their overall tax liability.
Recorded 27 June 2019
What we cover
This practical webinar covers:
How to apply each of the four commerciality tests
The interaction between the FBT system and the non-commercial loss rules
When two businesses are the same or similar
The concessions for primary producers and those carrying on a professional arts business
The odd outcomes that can arise when working through the $250,000 adjusted income test
Dealing with expenses incurred after a business has ceased
When it is possible to apply for a determination from the ATO
Our Presenter
Michael Carruthers
Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Hayes Knight group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy
Michael is a member of the advisory panel for the Board of Taxation and is a member of the reference group for the Board’s review of small business concessions. He was also an expert panel member for the Board’s review of tax impediments facing small business.
Michael Carruthers
Tax Director, Knowledge Shop
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