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Non Commercial Losses other income reporting incorrectly, redeemed farm management deposits

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Contributing Partner sambennett
8 Posts
Contributing Partner
Australia
sambennett
Contributing Partner

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Non Commercial Losses other income reporting incorrectly, redeemed farm management deposits

We have a client with farm losses of approx $200,000, who redeemed farm management deposits of $300,000.

 

section P9 Business Loss Activity Details of the tax return requires type of loss 5 Commissioners discretion/FM repayment to offset PP Losses, however reason code then has to be a private ruling authorisation number or a product ruling.

 

Does anyone know how this should be entered?

2 REPLIES
MYOB Staff Post Helen-Z
24 Posts
MYOB Staff Post
Australia
Helen-Z
MYOB Staff Post

24Posts

11Kudos

4Solutions

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Re: Non Commercial Losses other income reporting incorrectly, redeemed farm management deposits

Hello @sambennett

 

Thanks for your question, its one that we get asked on occasion and the answer might be of benefit for others who have the same question.

 

If you have a look at the information provided by the ATO in Business Loss Activity Details , you will find a section that refers to how to fill out Reference for code 5 that can be found within P9. It includes an Authorisation Number that may be relevant in the situation you described, however, you may need to clarify with the ATO if you are unsure.


Regards,

Helen
Tax Support Specialist
MYOB Australia Pty Ltd
Contributing Partner sambennett
8 Posts
Contributing Partner
Australia
sambennett
Contributing Partner

8Posts

4Kudos

0Solutions

Re: Non Commercial Losses other income reporting incorrectly, redeemed farm management deposits

Thank you - much appreciated

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