Tax implication:?

Question

Ashok’s business activity, which involved selling toys to local child care centres, produced income of $3,000 and deductions of $4,000.

Answer 1

Tax imp is a loss of $1000 but is probably not able to be offset against other income as it would likely not meet the tests of the non-commercial loss laws. Go to the tax office website for full details: www ato.gov.au