This is an example.
In preparation for retirement, I have taken up horse breeding.
I currently own twelve horses which live and feed on an external farm in Australia (for a fee).
These horses are being used in a breeding program supervised by a leading female horse trainer. I also consistently keep up to date with the development of the horses in the program.
I spend most of her free time reading the latest horse breeding articles and studying data sent by the trainer.
I plan on purchasing a large property where she can breed horses full time when she retires from the luxury liner.
For each of the prior three years that I have been undertaking this activity, there has been a tax loss made, although the tax losses have been reducing in size as the venture becomes more successful, in fact, this year i have made a small profit.
I need some taxation advice relating to the business tax issue. I would also like to know which section is it related.
In preparation for retirement, I have taken up horse breeding.
I currently own twelve horses which live and feed on an external farm in Australia (for a fee).
These horses are being used in a breeding program supervised by a leading female horse trainer. I also consistently keep up to date with the development of the horses in the program.
I spend most of her free time reading the latest horse breeding articles and studying data sent by the trainer.
I plan on purchasing a large property where she can breed horses full time when she retires from the luxury liner.
For each of the prior three years that I have been undertaking this activity, there has been a tax loss made, although the tax losses have been reducing in size as the venture becomes more successful, in fact, this year i have made a small profit.
I need some taxation advice relating to the business tax issue. I would also like to know which section is it related.
