OrbitaxShare trader was not carrying on a business, losses non-deductible
|Approved Changes|Australia
On 26 August 2013, the Administrative Appeals Tribunal ruled in Hartley and Commissioner of Taxation ([2013] AATA 601) that the Taxpayer was not conducting a share trading business and therefore losses made from the share trading were not deductible and instead were capital losses.
During the 2009-2011 years, the Taxpayer made significant losses from his share trading and claimed tax deduct…
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