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

    Attention

    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?

    No

    Go to Part H.

    Yes

    Read on.

    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.

    Completing this part

    Step 1

    Write the amount of any primary production losses you deferred in a prior year from activities that are the same or similar to your current year activity at D item P8 on your schedule. Do not show cents.

    Step 2

    Write the amount of any non-primary production losses you deferred in a prior year from activities that are the same or similar to your current year activity at E item P8 on your schedule. Do not show cents.

    Step 3

    Add up the amount of primary and non-primary production deferred non-commercial business losses and write the total amount at Deferred non-commercial business losses from a prior year, Totals column, item P8.

    Last modified: 28 May 2009QC 27547