"Whether they are new or existing, the provisions governing the utilisation of assessed losses may be baffling to many. For individuals and companies alike, understanding these rules is the first step in applying them correctly.
Join us for an informative session as we explore and explain the existing rules and the impact of amendments to these provisions.
This session will cover the following:
- How does an assessed loss come about and how does it impact the taxpayer's current year of assessment?
- When may an assessed loss balance brought forward from a prior year be utilised against current year income, and what are the limitations on this utilisation? This discussion includes the limitations applicable to individuals under Section 20A, as well as the new limitations for companies.
- How are losses from multiple trades treated, and what happens when a trade is no longer carried on or when no income is generated from trade?
- What other factors must the taxpayer consider in determining income and taxable income, and where are the grey areas that need clarity from legislators?"
All taxpayers, practitioners and accounting professionals seeking guidance or more information on these matter are welcome.
