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  • Claiming business tax losses from previous years

    If your business makes tax losses in any year you can carry forward those losses and claim a deduction for them in a later year.

    If you are a sole trader or an individual partner in a partnership, check if you can offset business losses carried forward against other income, under the non-commercial business loss rules.

    Your business structure can affect how you can claim tax losses. For example, companies can generally choose in which year they claim a deduction for a carried forward tax loss. However, the rules differ for sole traders, partnerships or trusts.

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    Last modified: 20 Jun 2019QC 33873