Employed and self-employed

davesdiscus

Hi,

I am employed full time and pay tax through my employer. I also have a small business (hobby) that i declare to the tax office. I have made a loss for the first time this year in this business. Will this loss be offset by tax payed through my full time job! Probably a stupid question but i have no idea how this works.

Thanks.

hermanmunster_3

Yes - it can be offset against earned income. If you make a loss too often on a "hobby" business the revenue start to ask if it is being commercially run or whether it is just a hobby. But if you have made profits others times then this should be OK.

pitkin2020

As above, you should get a little tax rebate aswell depending on the loss.