How to lodge
To apply for a private ruling about carrying on a business:
- complete and submit a private ruling application form
- provide the supporting information listed below.
To lodge and objection about carrying on a business:
- complete and submit the relevant form
- provide the supporting information listed below.
Check first whether your question is answered in:
- Carrying on a business of letting rental properties – supporting information
- Carrying on a business of providing short-term accommodation – supporting information
- Are you in business?
- Share investing versus share trading
- Changes to company tax rates
- TR 2019/1 Income tax: when does a company carry on a business?
- This Ruling sets out guidance on when a company carries on a business within the meaning of ‘small business entity’ in section 23 of the Income Tax Rates Act 1986 as applicable in the 2015–16 and 2016–17 income years and section 328-110 of the Income Tax Assessment Act 1997
- TR 97/11 Income tax: am I carrying on a business of primary production?
- This Ruling sets out guidance on whether or not a business of primary production is being carried on, but the indicators discussed are relevant to any business.
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.