I'm a 60+ female, now retired, and receive a monthly payment from my Superannuation fund [tax free], so paying NO tax is new to me.
However, I now have a very small hobby business. My taxable income for 2020-21 was well under the threshold, and my business made a $1000 loss. The tax agent deferred the loss until this year [2021-22].
This year's income will again be well under the tax threshold and I want to know what will happen with that $1000 loss? Will it be a refunded to me? Or doesn't it work like that? I have a thought in the back of my head that deductions only lower your taxable income.
Is there any point having a business or claiming business deductions if I don't earn enough to pay any tax?