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Vana(Enthusiast)Enthusiast
4 Mar 2023

Hi Community,


I am a sole trader, and I have a farm business, and my farm business have a tax loss for 2022 FY.


I passed the income tax (my adjusted taxable income is $100,000). I also passed one of the non-commercial objective test (Profit test). Can I offset my primary production activity business loss against my income from other sources?


Regards

480 views
1 replies
480 views
1 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
6 Mar 2023

If you passed the profit test, then Yes.


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