WA Australia Taxation Legislation Law

Discussion in 'Other/General Law Forum' started by Amandaohhh, 12 March 2019.

  1. Amandaohhh

    Amandaohhh Member

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    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.
     
  2. Rob Legat - SBPL

    LawTap Verified

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    Three things:
    1. Is this a real scenario, or is this a 'homework question'? If it's real, carry on. If it's a homework question, post it in the Law Student's thread.
    2. What's your specific question? Your scenario could relate to superannuation (retirement), income tax, capital gains, primary production...
    3. Tax questions are better aimed at accountants, not lawyers.
     
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