221D

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From: Mike .


221D
From: fernando
Date: 12 Dec 2000
Time: 22:29:44

Could anyone tell me how much of a net loss I need to make per year, before I am eligible for the tax variation. Thanks in advance.
 
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NIF

Reply: 1
From: Mike .


Re: 221D
From: NIF
Date: 13 Dec 2000
Time: 13:39:00

S221D applications will be approved where an over-deduction of tax would otherwise result, and the over-deduction is $500 or 10% (whichever is less). Otherwise hardship has to be proven.

The actual amount of the loss would depend on your taxable income - if you're in the top marginal rate, about a grand.
 
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Terry A

Reply: 1.1
From: Mike .


Re: 221D
From: Terry A
Date: 13 Dec 2000
Time: 01:04:51

It doesn't matter whether you make a loss or a profit, the idea is to write off the expenses against the income. However if you are in a profit situation then leave it until the end of the financial year and put it in your return then as you will pay tax on profit (a nice situation to be in). So the short answer is the minimum loss would be $1 but probably not worth the effort of submitting.
 
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