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  • Losses

    If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future year.

    If you're a sole trader or in a partnership, you may be able to claim business losses by offsetting them against other income in the same income year.

    There are some deductions you cannot use to create or increase a tax loss, including donations or gifts and personal super contributions.

    If your business activities are illegal, you cannot claim a deduction for a loss or outgoing to the extent it was incurred in the furtherance of – or directly relating to – those activities.

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    Last modified: 03 Apr 2017QC 33708