Treasurer flags ‘carry-back losses regime’

In a recent speech, the Treasurer, the Hon. Wayne Swan MP spoke on the possibility of introducing a carry-back losses regime . In Germany, Ireland and the UK losses can be carried back to the previous year. The Canada and France have allowed three year carry back in recent years. Mr Swan said It may…

Read More

Non-commercial losses

If you have a net loss from a business activity you carry on as an individual, either as a sole trader or in partnership, the non-commercial loss rules will apply. These rules determine whether you can use your business loss to offset income from other sources.    Changes to the operation of the non-commercial loss rules…

Read More