Income Tax Assessment Act 1997
The object of this Division is to improve the integrity of the taxation system by:
(a) preventing losses from non-commercial activities that are carried on as * businesses by individuals (alone or in partnership) being offset against other assessable income; and
(b) preventing pre-business capital expenditure and post-business capital expenditure by individuals (alone or in partnership) in relation to non-commercial activities being deductible under section 40-880 (business related costs);
unless certain exceptions apply.
This Division is not intended to apply to activities that do not constitute carrying on a * business (for example, the receipt of income from passive investments).
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