Somebody’s Child is a new charity set up to provide emergency shelter to the thousands of homeless people living on our streets.
Non-commercial losses relate to whether an individual is able to offset their taxable income by the amount of the loss incurred in running their business or to determine if the loss has to be carried forward to offset future profits for the business. There are four main tests when it comes to determining whether you are eligible to apply the loss to your other income. Only one of the four test s must be satisfied by the taxpayer in order to apply the loss. The four tests are:
- The Income Test: The activity produces assessable income of at least $20,000.
- The Profits Test: This test requires that the business activity has a profit in 3 out of the past 5 years, where it shows that business income is greater than its expenses.
- The Real Property Test: Use real property...
October – 2014 Practice Update covers following points - - Mining tax repeal & other notable tax changes - ATO launches voice authentication - Project DO IT – the ATO's amnesty for offshore tax avoiders - How 'bitcoins' are treated for tax purposes - Tax scammer warning - Why it's sometimes worthwhile taking on the taxman - Lost super climbs to $14 billion - GIC and SIC rates for the 2014 December quarter Click here for – October 2014 Practice Update...