Loss Offset
Partnership Taxes: Offseting Business Losses In Current Financial Year Partnerships If you are a partner in a partnership, you – as an individual – may offset your share of a partnership loss against your other income, subject to the non-commercial loss rules Income Requirement The non-commercial losses income requirements are applied to the individual partners …
Sole Trader Taxes: Offseting Business Losses In Current Financial Year A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity unrelated to your primary source of income. This type of business activity could be a hobby or lifestyle benefit. For sole traders, you need …