Did your business make an income tax loss in 2020? You may be eligible for the loss carry back tax offset in this financial year. Get in touch to see if your business qualifies and how to best use this refundable offset to generate cash flow.
If you are not the only owner of a rental property, you can understand your position better by being aware of these provisions about apportioning your income and expenses to arrive at net income or loss.
After 9 May 2017, you will not be able to claim depreciation on used 'Plant and Equipment' items. It means you will lose on depreciation if you buy a second-hand property after 9 May 2017.