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Category Archives: Business
Wrong side of deductible business losses – assessable income
The deductibility of losses is inextricably linked to the question whether the taxpayer is carrying a business. Factors contributing to ‘carrying on of a business’ have been the subject of many a decision whenever tax is disputed. The basis of decisions can be confusing and sometimes contradictory, especially when the GFC plays a part: Smith v FC of T 2010 ATC 10-146 and Case No 2010/4083 [2011] AATA 545, both decided by the Administrative Appeals Tribunal. In both cases the … Continue reading
Posted in Business, Companies, Losses, US
Tagged business losses, GFC, losses, venture capital
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Don’t count your turtles
The ATO’s recent media release sought to remind taxpayers that they need to be aware of the endless definitional battle ground between a business and a hobby. The release aimed to make taxpayers aware of tax avoidance penalties by referring to a recent case where selling turtles turned into a $100,000 business. While guidance is appreciated by taxpayers, a $100,000 annual turnover from the sale of turtles would seem to be a relatively clear example of when a hobby is … Continue reading
