Hi,
Assuming that a company is doing 2 types of business under thae same ABN.At the year end, ene business has net gain, while another one incurs loss. Can the loss be used to offset gain?
For expamle, a company is doing both uber trip and graphic design business (using the same ABN). In 20 FY, the net gain from uber trip is $30,000, but the graphic design business has a loss of $10,000. So can I say that the company's net profit in 20FY is $20,000 and tax payable is $20,000 * 27.5% = $5,500 (disregarding other deductions)?
Or, I should seperate the profit and loss from different business, even if they are carried on under the same ABN. So the result of the example above is that the tax payable is $30,000 * 27.5% = $8,250 (tax for uber business). And the loss from graphic design business $10,000 is quarantined to offset the profit of the graphic design business in the future?
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