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

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).