澳洲税法案例分析

来源：百度知道 编辑：UC知道 时间：2024/05/08 19:07:21
Colin Bond was a partner in a large accounting firm in Melbourne. He also owned a small farm in Gippsland. Colin enjoyed attending horse races and bet on the horse races on a regular basis. He owned 4 horses which he kept on his property at Gippsland. He would always enter one of these horses in the Moe Cup and the Traralgon Cup. Both Moe and Traralgon were towns near his property in Gippsland. The horse Colin entered in each of these cups never did very well. This is understandable given that he did not have a trainer to train the horses for racing.

For the current financial year Colin has made a loss from his betting activities of $12,000. He wants to know if he can offset these losses against his other assessable income.
Advise Colin if he can claim the losses on the horse racing against his income as a partner in the accounting firm. If you need further information to advise Colin, ask him for that information and why the information is required.
In your advice

1 “Colin enjoyed attending horse races and bet on the horse races on a regular basis.” We know it is Colin’s hobby, In contrast to a business, a hobby is normally pursued for pleasure and enjoyment and does not show a businesslike approach. Simply, entering cups near his property and he did not have a trainer to train the horse for racing would normally be a hobby even if he never did very well in the cups. But if he engages a trainer with the clear intention of training the horses, and plans were made to win the horse races, then the activity shows more of the characteristics of a business.
Income from a hobby is not assessable and not subject to tax. A hobby is a leisure activity that is not undertaken in a commercial manner and does not constitute a business. In this case the taxpayer Colin prefers horse races and bet on it to be treated as a business for tax purposes because expenses are higher than income, thereby generating a tax loss which could be used as a tax deductio