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Partnership Loss Entries onto MyTax

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I have some questions on entries to go in the section Business/sole trader, partnership and trust income (including loss details) on MyTax individual return.
We have a partnership for our farm. In the Partnership section for Primary Production that asks distribution from partnership I have entered the amount being the 50% of the loss as a negative. Is this correct ? I have also added 50% of water storage cost in the landcare label as a positive. Thiss seems to have the correct result at the calculation.
Then we go to Loss details and it asks type of loss - we have turnover in excess of $20000 and Property value of over $500000 and are primary producers, which one should I be selecting?
Then in /primary production share of total loss is this the same number as the partnership distribution above or is it both the landcare and partnership distrubution combined. Is it entered as a positive?

Thanks if you can help.

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Hi @28Q,

 

Thanks for your questions!

 

If the data field in myTax will allow you to enter negative numbers, then it should accept the figures you have entered. If you receive any error messages about "Number cannot be negative", then you will have to review your figures. myTax will generally calculate the figures as negative or positive automatically, depending on the field you have entered them into.

 

With respect to the type of loss, you will need to select the option from the list that is best suited to the circumstances of the loss. In myTax, there is a "Help" tool with a question mark icon at the "Type of loss" section that should give you some more details about each type of loss. You can also view this information here, under "Completing this section: 2. Type of loss". Given that you have mentioned that the partnership relates to a farm, you may wish to look at the information for "The loss is from primary production". There's some more information relating to claiming losses as a primary producer here.

 

For calculating the total amount of the loss (and your share in that loss), you should use the following worksheet to help you. 

 

Hope this helps,

 

Rachael B.

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @28Q,

 

Thanks for your questions!

 

If the data field in myTax will allow you to enter negative numbers, then it should accept the figures you have entered. If you receive any error messages about "Number cannot be negative", then you will have to review your figures. myTax will generally calculate the figures as negative or positive automatically, depending on the field you have entered them into.

 

With respect to the type of loss, you will need to select the option from the list that is best suited to the circumstances of the loss. In myTax, there is a "Help" tool with a question mark icon at the "Type of loss" section that should give you some more details about each type of loss. You can also view this information here, under "Completing this section: 2. Type of loss". Given that you have mentioned that the partnership relates to a farm, you may wish to look at the information for "The loss is from primary production". There's some more information relating to claiming losses as a primary producer here.

 

For calculating the total amount of the loss (and your share in that loss), you should use the following worksheet to help you. 

 

Hope this helps,

 

Rachael B.