Tax Question - Deferred Non Commercial Business Loss
#1
Tax Question - Deferred Non Commercial Business Loss
I work and earn a salary. On the side I run a wedding hire vehicle business. The income last year was low (under $5k) and I resulted in a $20k loss at the end of the year.
As I do not satisfy the business test I have to defer the losses until I make a profit, which is unlikely.
Any ideas how I can offset these losses against my main income rather than keep deferring each year...?
Thanks
As I do not satisfy the business test I have to defer the losses until I make a profit, which is unlikely.
Any ideas how I can offset these losses against my main income rather than keep deferring each year...?
Thanks