| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051636799791
Date of advice: 18 February 2020
Ruling
Subject: Business losses - single business activity
Question
Are your multiple income-earning activities considered a single business activity for the purposes of Division 35 of the Income Tax Assessment Act 1997?
Answer
Yes. Having considered your circumstances and the factors relevant in determining whether a single business activity is being carried on, the Commissioner considers your multiple income-earning activities are a single business activity. Further information on non-commercial losses can be found by searching 'QC 33774' on ato.gov.au
This ruling applies for the following period
Financial year ended 30 June 2019
The scheme commences on
1 July 2018
Relevant facts and circumstances
Your income for non-commercial loss purposes for the 2018-19 financial year is less than $250,000.
You ceased employment in 20XX.
Upon leaving this employment you established a business (the business), and have developed a portfolio of income earning activities that all revolve around and derive from your prior work experience.
Relevant legislative provisions
Income Tax Assessment Act 1997 Division 35
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
