Hello,
I am a sole trader and part of a partnership. The partnership made no money this FY but I did pay for resources - am I eligible to deduct these on my tax return, just as the income is consolidated?
Thanks!
Hi @rhadd
You'll still need to lodge an income tax return for the partnership. If your partner agrees, you can distribute the entire loss to you.
You can offset the loss against your own income if you meet the non-commercial losses rules.
Hi @rhadd
You'll still need to lodge an income tax return for the partnership. If your partner agrees, you can distribute the entire loss to you.
You can offset the loss against your own income if you meet the non-commercial losses rules.
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