I started a small side business last FY (18/19) running small workshops occassionally. I did not have the business the year before that (17/18). Furthermore, it is not my main job. As a first time sole trader doing a tax return on a business, I just have a question regarding losses and deferring my loss for 18/19 to 19/20 FY.
After placing in my business income (manually calculated) and expenses (manually calculated) I got a "Total non-primary production net income or loss from business" of -(minus)$300.
I'm not sure if I have done the next section correctly or if I had to do it.
Under "Loss details" section I entered the "Type of Loss" as "8: None of the codes apply – loss deferred". It shows a "Net Loss" of $300. Deferred loss amount from carrying on a business of investing = $0 Deferred loss amount from carrying on a rental property business = $0 Remaining deferred loss amount = $300.
So to summarise, "Business income or losses" = - $300 "Deferred non-commercial business losses" = $300.
Going by all ATO documentation, it appears I have done this correctly. So this loss of last FY I will I use to offset any profits this FY. As a first timer, I just wanted someone in the know to confirm if this looks right.