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- Rules related to small business losses include1234:
- If your net small business income is a loss, it's treated as zero and you're not entitled to the offset.
- Certain deductions cannot be used to create or increase a tax loss.
- There are tests related to assessable income, profits, real property, and other assets.
- For companies, there are specific tests related to change of ownership or control.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.If your net small business income is a loss, it's treated as zero and you're not entitled to the offset. If you had more than one sole trader business during an income year, you combine all your assessable business income from all your sole trader businesses and then minus the deductions from that total income.www.ato.gov.au/businesses-and-organisations/inc…You can’t claim a deduction if:
- it is not a tax loss – for example, there are some deductions you can't use to create or increase a tax loss, such as donations or gifts and personal super contributions
www.ato.gov.au/businesses-and-organisations/inc…Four tests
- Assessable income test To pass the assessable income test, assessable income from your business activity during the financial year must be at least $20,000.
www.ato.gov.au/businesses-and-organisations/inc…If there is a change of at least 50% ownership or control of a company, the company can only claim losses if it satisfies the:
- same business test, or
smallbusiness.taxsuperandyou.gov.au/losses/com… - People also ask
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