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    Attention

    Warning:

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

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    Non-commercial business losses

    A new income test applies to the non-commercial business loss rules from 2009-10. If you meet the income test you will continue to have access to the four tests to allow your loss from a business activity. If you do not meet the income requirement you cannot access the four tests. However, you may request that the Commissioner of Taxation exercises his discretion to allow your loss.

    A rule has also been introduced allowing you to claim a loss from your business activity if it has been created solely because of deductions you claimed under the small business and general business tax break for the 2009-10 or later year.

    Superannuation - minor amendments

    In the 2010-11 Budget the Government announced its intention to make a number of minor amendments to improve the operation of the superannuation legislation. These changes are intended to take effect from 2010-11. The amendments will include:

    • permanently allowing a claim for a deduction for eligible contributions to be made to successor superannuation funds
    • increasing the time limit for deductible employer contributions made for former employees.

    At the time of printing these instructions the changes had not become law. For more information, go to www.ato.gov.au/super

    Deductibility of employer contributions for former employee

    Employers can claim a deduction for superannuation contributions made in respect of a former employee within four months of the employee ceasing employment and at any time after the employee ceases employment for defined benefit interests. Currently employers are restricted to a two month time limit.

    Last modified: 04 Mar 2016QC 28003