What is a tax loss, and how can it be turned to good use?

Posted by Team AVS on 24 Aug, 2017 0 Comments

Tags: Business, loss carry forward, Revenue loss, tax loss, Taxes

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year.

If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future year. If you’re a sole trader or in a partnership, you may be able to claim business losses by offsetting them against your other personal income (such as investment income) in the same income year.

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What is a tax loss, and how can it be turned to good use?

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