When a taxpayer incurs an assessed loss during a year of assessment, it may be utilized to reduce taxable income earned during the same or a future year of assessment. The type of taxpayer will determine whether it will be entitled to set off these losses against its taxable income.

The purpose of this session is to compare the different treatment of assessed losses for individuals, more specifically Sole Proprietors, Salaried Employees earning additional income, and Partnerships (Natural Persons).

Content Discussed:

• Background and Legislation
• Ring-Fencing of Assessed Losses
• The "Escape Clause"
• Automatic Ring-Fencing: The end of the "Escape Clause"

Other:

• Multiple farming activities deemed to be a "single trade
• Activities, other than farming, can also be regarded as a single trade
• Other amounts to be included as "income" from the trade
• Reporting requirements
• Spouses married in a community of property

General Tax Administration Provisions

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