个人退税时以Partnership亏损抵税, 常见问题请求会计朋友帮助

austral

请求会计朋友帮助:

个人退税时以Partnership亏损抵税

本人有一份主要工作，同时业余又有个partnership生意。在个人退税的时候曾经用partnership生意上的损失来减少个人的税率。具体是这样的：

过去三年（2007-2008, 2008-2009 and 2009-2010）每年度都是亏损（分别累计-$2000，- $5000 and  -$8,000)。 但在第四年（2010-2011）年度，我们partnership收入（income）达 +$21,000，扣除各种支出 （-$25,000), 仍是负$4,000 （=  $21,000 - $25,000).

所以到第四年的时候，Total amount of loss = -$12,000 （过去四年）

在个人e-tax退税的时候，个人收入第十六类"16 - Income - Deferred non-commercial business losses".

It says it is possible to "claim this loss by offsetting it against your income" where "you meet the income requirement and one of four tests (The Four Tests, see below) is satisfied".

我当时理解我们的确可以通过这个TEST中的第一个（如下；因为第四年我们的确有超过$20,000的收入）

THE FOUR TESTS

You can offset a loss from a business activity against other income if you pass one of the following tests:
•        have an assessable income from the activity of at least $20,000
•        have produced a profit in three out of the past five years
•        use real property or an interest in real property worth at least $500,000 on a continuing basis, or
•        use other assets worth at least $100,000 on a continuing basis.

If a business activity does not pass any of these tests, you may still claim a loss if the Commissioner exercises a discretion to allow the loss to be offset against other income.

在2010-2011年度的退税的时候，I did claim this loss （过去四年的$12,000) by offsetting it against the 2010-2011personal income.

现在ATO来信说，我不能把那$12,000累计亏损用来抵消当年的个人收入。

请问这里的会计朋友给我们确定一下，差错在哪里？谢谢。

celine917

只有第四年的loss可以抵消

Aelove

Tongwen

austral

celine917 发表于 2013-6-18 22:52
只有第四年的loss可以抵消

谢谢回复。

为什么只是第四年的loss呢？看条文，“this loss"指的是累计的loss，including the amount of deferred loss from prior year.   

celine917

Partners and the profits test
If you are carrying on a business activity in a partnership, you will be able to claim a loss if your income from the activity has been greater than your tax deductions for the activity for at least three out of the past five years (including the current year) and you meet the income requirement.

austral

celine917 发表于 2013-6-18 23:09
Partners and the profits test
If you are carrying on a business activity in a partnership, you will  ...

Thanks. You are referring to the 2nd test, but we met the 1st test, not the 2nd test. If we met the 1st test, can we claim all the deferred losses over the past few years - for how many years exactly?

cream

是否有PSI

austral

cream 发表于 2013-6-18 23:16
是否有PSI

In the PSI Schedule 2011:
For PS 1: Are you conducting a personal service business?
Did you satisfy the results test in respect of any individual? I marked YES.

JohnnySu

The Non commercial loss has to be carried forward only to offset business income in the future. The fact that your business satisfied the assessable income test in 2011 does not enable you to apply the losses from prior years.

LENNY_DONG

YOU CAN CLAIM THE YEAR LOSS WITH TURNOVER 20K

THE PREVIOUS YEAR LOSS NEED CARRY FORWARD

ALSO, YOU NEED CHECK YOUR DEDUCTION

MAKE SURE YOUR DEDUCTION IS CORRECT OTHERWISE WILL HAVE MORE TROUBLE IN FUTURE POTENTIALLY

I SAW LOTS PEOPLE OVER CLAIM DEDUCTION WHICH IS NOT ALLOWABLE

cream

From the below, it mentioned following:
You can offset a loss from a business activity against other income if you pass one of the following tests:
•        have an assessable income from the activity of at least $20,000

Remember, you only satisfy this requirement for this year, not prior year as you stated...  If each of your prior year satisfied this requirement, probably you are right.

jeff_lawsons

I think you can claim the deferred non commercial losses from prior years unless your other partner in partnership is not an individual. (If your other partner in partnership is a company or trust, then you won't satisfy the assessable income test)

jeff_lawsons

http://www.ato.gov.au/businesses/PrintFriendly.aspx?ms=businesses&doc=/content/18436.htm

See the exmaple,

The guy in the example is very similar to your situation, satisfy the assessable income test in one year and allow to deduct prior year deferred non-commerical losses.

Hence you shall be able to deduct by applying the same principle unless the reason i stated above applies

jeff_lawsons

Forgot to mention that if your adjusted taxable income is over $250K, then the loss must be carried forward.