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I have a net loss - have I completed my return properly?

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I'm new

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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.

 

Cheers 

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Taxicorn

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Yes, looks correct.

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

Yes, looks correct.