Error: The income requirement for non-commercial losses has not been met.
Solution:
The reported income for the purposes of the non-commercial losses income test is NOT $250,000 or more. Please see this ATO guide- www.ato.gov.au/ncl
ATO errors are mandatory and must be resolved. This error states that if person’s income is more than $250000 then person is not eligible to offset the loss. User can change type of loss to the one of the following codes: “0”, “5”, “8”. Otherwise, read HERE the instructions and update the required changes.
