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Pollykeung(Enthusiast)Enthusiast
14 Feb 2024

Hi,


I have a client who has the following income for FY 2022/2023

  1. Salary $4,000
  2. PSI income $189,000
  3. Business loss in trading shares $293,000

Net loss for the year is $100,000


When calculating the income requirement for the non-commercial loss, should it be

  1. $4,000 + $189,00 = $193,000 OR
  2. $0 +$293,000 = $293,000

I have read the information in ATO website and the related posts in the ATO community but still confuse about this. Can you please help?


Thanks,

Polly



574 views
7 replies
574 views
7 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
14 Feb 2024

Income test for non-comm loss trading shares = share sales amount as shown in share trading P & L.


Share traders do not have non-com losses as long as sales exceed $ 20 K


All replies

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
14 Feb 2024

Income test for non-comm loss trading shares = share sales amount as shown in share trading P & L.


Share traders do not have non-com losses as long as sales exceed $ 20 K


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