Part G: Deferred non-commercial business losses from a prior year

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

Do you have any deferred non-commercial business losses from a prior year?

You need to know

A deferred non-commercial business loss is a loss you incurred in a prior year which you were unable to claim against other income.

Question 15 in TaxPack 2004 supplement explains how the non-commercial business loss rules work.

Note: The non-commercial business loss may be reduced if:

• you earned net exempt income in this income year, or
• you have become bankrupt or are released from any debts by the operation of an Act relating to bankruptcy.

Phone the Small business infoline on 13 28 66 for more information.

For an explanation of net exempt income, see question L1 in TaxPack 2004.