Taxation Ruling

TR 97/11ER - Erratum

Income tax: Income Tax: am I carrying on a business of primary production?

FOI status:

may be released

At paragraph 49, page 17, omit the first sentence and replace it with "The situation may arise where a taxpayer is carrying on a business and has an intention to make a profit but the objective evidence is such that a profit is unlikely to be made in the short term.".

Commissioner of Taxation
30 July 1997


ATO references:
NO 96/5590-5 97/545-1 97/3882-7

ISSN 1039 - 0731