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  • If discretion can't be exercised

    If we can't exercise discretion, individual participants of an agribusiness managed investment scheme (MIS) that are carrying on a business activity must defer losses from the MIS.

    The deferred amount will only be deductible in a subsequent year if the business activity that gave rise to this amount, or one 'of a similar kind', occurs in that subsequent year. If the activity, or one 'of a similar kind', does not occur again, the entitlement to deduct the amount will be lost.

    See also:

      Last modified: 01 Aug 2017QC 16137