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  • Business losses

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

    If you're a sole trader or an individual partner in a partnership, you may be able to offset your business losses against other types of assessable income for the same income year.

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

    You can't claim a deduction for losses or outgoings related to illegal business activities for which you were convicted of an indictable offence.

    See our definitions for explanations of tax and super terms.

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    Last modified: 20 Jun 2019QC 33708