Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

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Articles
Business Losses deduction denied
School Building Funds
Superannuation Guarantee - 'Ordinary Time Earnings"
Excellent Salary Sacrifice Contribution
Self Education Deductible
Salary Sacrifice arrangements
Generic domain names auction
Interest rates - fixed or variable?
Interest - Disgrace or Just Plain Theft
New CGT Asset Register
No ABN quoted?
Unsure about an ABN quoted to you?
Coles Myer Shares in super funds
Fringe benefits at Christmas
Business Losses deduction denied
A loss venture (the typical Collins St farmer or the computer supplier after hours) can be denied the business loss unless some new (1st July 2000) rules are met.

Non-commercial loss rules defer the deductibility of business losses made by individuals unless and until one of four statutory tests are satisfied.

Broadly, they are:

* the assessable income test (that is, activity produces at
  least $20,000 assessable income);

* the profits test (that is, tax profits were made in three
  of the last five years);

* the real property test (that is, $500,000 non-private
  real property is used); and

* the other assets test (that is, $100,000 of other
  specified assets are used).

There are exceptions concerning primary production and professional arts business losses where the individual has other unrelated income of less than $40,000 per year.

A Tax Office ruling discusses the Commissioner?s discretion to grant relief and suggests it will apply very narrowly as follows:

* if special circumstances have meant that losses were
  incurred (eg. a long illness or natural disaster); or

* to particular industries where there is typically a long
  lead-time to profitability (eg. forestry or viticulture)
  ? in such a case, evidence of commercial viability must
  be produced.

A noteable exception is the timber industry - our knowledge and involvement as Financial Plannners can help here.  The Government seems keen to ensure that plantation timber becomes a substitute for native forest. Special concessions apply to recommended products - ask Doug for more information.        


14th-March-2002