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PeterY(Newbie)Newbie
30 Apr 2024

I have worked as a mental health counsellor for a number of years. This financial year I have taken on two other types of work - driving and labouring. I am using the same ABN for all three activities.


Can the income and eligible deductions for all three jobs be rolled together when determining my taxable income for the year? In particular, if I make a loss in one activity (for example because of the purchase of equipment) can this loss be used to offset income from another activity?


Thanks

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1 replies
279 views
1 replies

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Most helpful replyATO Certified Response

DanielleATO(Community Support)Community Support
ATO Certified Response3 May 2024

Hi @PeterY,


They do say that variety is the spice of life ๐Ÿ˜Š


If you have multiple businesses as a sole trader, this is all reported on your individual tax return. Business losses/deductions will reduce your taxable income but you'd have to check if you can offset your losses. Check out non-commercial losses and similar activities.


When you lodge your tax return with your income and deductions, and you lodge online, you can select tax estimate at the end when you've completed the return. This'll give you an idea on what to expect. ๐Ÿ˜Š

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Most helpful replyATO Certified Response

DanielleATO(Community Support)Community Support
ATO Certified Response3 May 2024

Hi @PeterY,


They do say that variety is the spice of life ๐Ÿ˜Š


If you have multiple businesses as a sole trader, this is all reported on your individual tax return. Business losses/deductions will reduce your taxable income but you'd have to check if you can offset your losses. Check out non-commercial losses and similar activities.


When you lodge your tax return with your income and deductions, and you lodge online, you can select tax estimate at the end when you've completed the return. This'll give you an idea on what to expect. ๐Ÿ˜Š

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Can deductions from one sole trader business offset income from another sole trader business? | ATO Community