Cooper Grace Ward Webinar Series: Crypto trading and Share trading, traps with the non-commercial loss rules

The loss of losses - crypto trading and share trading - traps with the non-commercial loss rules

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The loss of losses - considering whether losses are on capital or revenue account and traps with the non-commercial loss rules

With rising interest rates and uncertain economic conditions after COVID, we have started to see an increased focus by the ATO on the deductibility of losses from businesses or profit-making undertakings.

Share and cryptocurrency trading, in particular, have seen more losses in recent times and the issue is whether these losses are deductible.

As advisers, it is important to remain up to date on the current authorities in relation to carrying on a business or a profit making undertaking in the context of share or cryptocurrency trading activities. It is also important that we understand the interplay between the non-commercial loss rules and share trading businesses or profit-making undertakings.

In this webinar, special counsel Murray Shume will look at how to identify when someone is carrying on a business or profit-making undertaking and work through the non-commercial loss rules with a focus on trading shares and cryptocurrencies. He will do this with the help of case studies featuring his intrepid sheep dog, Bessie.

After this webinar, you will be able to identify:

the key learnings from the decision in Greig in relation to carrying on a share trading business or a profit-making undertaking in the context of shares
the difference between a trading business and a profit-making undertaking
the main issues that arise under the non-commercial loss rules in the context of trading shares or cryptocurrencies
mitigation strategies that your client can implement if they are deducting trading losses.

This webinar is the third in our Tax Masterclass series. Keep reading for other great webinar topics as part of this five-part series.

We hope to see you soon at one (or all!) of our webinars in this series.