The ATO has progressed its talks and work with industry to implement events-based reporting in the SMSF sector, and reassured professionals it may not be as regular as some had initially thought.
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious - rent, materials, supplies and so on - but there are also some less obvious options left available just before the end of the income year, should your circumstances suit, to further reduce your enterprise's tax burden for the year.
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.
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