• Exceptions

    Primary production and professional arts

    If you have a primary production or professional arts business and your assessable income from other sources not related to that business is less than $40,000, you can claim the loss in that income year.

    You will not need to pass any of the four activity tests.

    The $40,000 excludes any net capital gains.

    See also:

    Last modified: 05 May 2015QC 33773