PCG 2022/1 – non-commercial loss rules – practical relief for those affected by floods, bushfires and COVID-19
In The Tax Institute’s TaxVine email (#37, 7.10.22), their Tax Counsel, Julie Abdalla FTI, examined the non-commercial loss (NCL) rules and how the ATO’s recent Practical Compliance Guideline PCG 2022/1 (PCG) intends to relieve the burden on taxpayers impacted by floods, bushfires or COVID-19. The PCG provides a safe harbour for taxpayers from the 2019–20…