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James Millar
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theone491, post: 260089, member: 111008 wrote:
Hi All

Im starting to run a sole trader business this year and hoping for advice from you all about offsetting the sole trader losses from my employment wages. There are any four tests that one has to meet in the current year and Im thinking of going with the property test. Im looking to lease a piece of land to meet the property test and would also like to keep horses or a greenhouse. At the moment my sole trader business is buying and selling online.

Are there any complexities with meeting the tests? The ATO website just basically says if one has an interest in a property of at least $500,000 such as ownership or a lease. And phoning the ATO doesnt help really, their staff doesnt seem to know that much about it.

Thanks

If you are going to invest that much and start a business then it might be wise to hire a good accountant to review your circumstances. There may be GST issues or opportunities to consider.

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