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Can peter deduct the losses in working out taxable income

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Problem 1: Peter is the CEO of an Australian company. His salary for 2018-19 is $380,000. He also has a "hobby farm", valued at over $1m, which runs at a loss each year. The loss for 2018-19 is $40,000. Can Peter deduct the losses in working out his taxable income for 2018-19? Why or why not

Reference no: EM132832676

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