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Re: Expense Claim for Financial year 2018 - 2019

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Newbie

Views 147

Replies 1

Hi All,

Hope all are safe and well during this crazy time.

 

Can I can claim COMMERCIAL PROPERTY related expenses  (like Bank loan fee & interest , other council rates , surveyor fees etc) under my TFN income ? During last financial year 2018-19, I worked on TFN ( not ABN) and the investment property is under my NAME/ABN ( Sole trader) but always worked on ABN since 2015 except finance year 2018-19.

Its a bit of grey area as few accountants advised the loss/expense will be added to your capital , few advised the losses will be carried forward to next year and rest advised to claim it under TFN. Any help would be appreciated ?

Thank you !

 

 

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Enthusiast

Replies 0

Are you a sole trader or a partner in a partnership?

 

In some cases if you meet the eligiblity rules you can offset a loss against other types of income like salary etc. 

 

If you're a sole traders or individual partner in a partnership, and you meet at least one of the non-commercial losses requirements, you can offset your business losses against other assessable income (such as salary or investment income) in the same income year.

 

If you don't meet any of these requirements, you can defer the loss or carry it forward to future years. If your business makes a profit in a following year, you can offset the deferred loss against that profit.

 

See here https://www.ato.gov.au/Business/Income-and-deductions-for-business/Losses/Offsetting-current-year-lo...

1 REPLY 1
Highlighted

Best answer

Enthusiast

Replies 0

Are you a sole trader or a partner in a partnership?

 

In some cases if you meet the eligiblity rules you can offset a loss against other types of income like salary etc. 

 

If you're a sole traders or individual partner in a partnership, and you meet at least one of the non-commercial losses requirements, you can offset your business losses against other assessable income (such as salary or investment income) in the same income year.

 

If you don't meet any of these requirements, you can defer the loss or carry it forward to future years. If your business makes a profit in a following year, you can offset the deferred loss against that profit.

 

See here https://www.ato.gov.au/Business/Income-and-deductions-for-business/Losses/Offsetting-current-year-lo...