• 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 Net income or loss from business, including losses deferred from a prior year.

    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.

    Note

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

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

    For an explanation of net exempt income, see question L1 in TaxPack 2006.

    For more information phone the Business Infoline on 13 28 66.

    Completing this item

    Step 1, At D item P8 on page 3 of your schedule 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. Do not show cents.

    Step 2, At E 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. Do not show cents.

    Step 3, Add up your primary and non-primary production deferred non-commercial business losses. Write the total at Deferred non-commercial business losses from a prior year in the Totals column.

    Last modified: 01 Sep 2006QC 18499