Non-commercial Loss Rules for Individuals
Overview
Applying and understanding the rules where an individual makes a business loss.
Where a taxpayer is carrying on a business, but generates a loss, they will normally want to offset these losses against income derived from other sources such as salary, rental income, bank interest or dividends. The non-commercial loss rules will, if applicable, prevent this from happening.
This session provides a detailed look at the non-commercial loss rules, including a discussion of when they apply, what the effect is and what the taxpayer can do to avoid them applying.
Amongst the topics to be covered:
- How to satisfy the income requirement
- How to apply each of the four tests
- How the rules apply for primary producers and those carrying on a professional arts business
- When it is possible to apply for a determination from the ATO
- How and when to apply the Commissioner’s “safe harbour” as outlined in PCG 2022/1
Learning Outcomes:
Attendees can expect to complete the session with a detailed understanding of the impact and application of the non-commercial loss rules.
Suited to:
This session is suited to all accountants and tax practitioners with business clients.
This On Demand Includes:
- Recording of the Live Webinar, which can be viewed multiple times
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
- CPD Quiz
- CPD Certificate
Course syllabus
3 lessons
- Video – Non-commercial Loss Rules for IndividualsVideo
- Feedback Survey 2024Survey
- Knowledge QuizTest
Your presenter
Mark ChapmaH&R Block
n is the author of Life and Taxes: A Look At Life Through Tax and has edited and updated the second to the sixth editions of Australian Practical Tax Examples, published between 2019 and 2023 by Wolters Kluwer CCH Australia.
He has over 25 years’ experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Master of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied several senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director.