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Carrying on a business

Information to provide with your objection or private ruling request about whether you are carrying on a business.

23 June 2024

How to lodge

To apply for a private ruling about carrying on a business:

To lodge and objection about carrying on a business:

Check first whether your question is answered in:

Supporting information

Providing this information up front will reduce delays.

If you've previously given us any of the information listed below, you don't need to resend it.

The information we need for a private ruling or objection about whether you are carrying on a business includes:

  • details about your activity  
    • when your activity commenced
    • a description of your activity
    • details of equipment and facilities you use in your activity (including depreciation schedules)
    • the records you keep in respect of your activity
    • your main clientele – for example, general public, friends or workmates
    • how your products or services are advertised
  • details about your plans for the activity  
    • a copy of your business plan
    • a copy of profit and loss statements (that is, income and expenses)
    • projected profit and loss statements showing how you intend to make a profit from your activity
    • details of any professional or expert advice you have sought in setting up or conducting your activity
  • details about you
  • any qualifications or expertise you possess in respect of your activity
  • any relevant organisations you are a member of
  • relevant publications you subscribe to
  • copies of any relevant licences, government approvals or planning permits you have obtained or applied for
  • how much time you spend on this activity each week
  • whether you are engaged in employment or another business activity and the amount of time you spend on these activities each week.

Share trading

If your activity is one of share trading or other share market activity, please also provide the following information and documents:

  • a description of your trading strategy and why you expect it will result in a profit
  • details of your trading transactions for the relevant period
  • details of the amount of capital you have had invested at different times (giving an indication of the maximum and minimum amounts)
  • the amount of capital you have available and the sources of your capital.

 

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