Non-commercial losses: exception for primary producers

An exception to the non-commercial loss rules allows net losses from certain primary production business activities to be claimed in the year incurred.

If you have a loss from a primary production business and your assessable income from sources not related to that particular business activity is less than $40,000 in an income year, you can claim your loss in that income year. The $40,000 excludes any net capital gains.

You do not need to meet the $250,000 income requirement to claim your losses under this exception.

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