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Edited version of private advice
Authorisation Number: 1051562228092
Date of advice: 6 August 2019
Ruling
Subject: Non-commercial losses and the exercise of the Commissioner's discretion
Question
Will the Commissioner exercise the discretion to allow you to include any losses from your business in the calculation of your taxable income for the 20XX -20XX financial year?
Answer
Yes
Having considered your circumstances and the relevant factors the Commissioner has granted his discretion. It is accepted that your business activity was affected by special circumstances outside your control which prevented you from passing a test. Further information on non-commercial losses can be found by searching 'QC 33774' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You carry on a business. You originally commenced the business in 20XX.
During the months of XXXX 20XX to XXXX 20XX your region suffered a weather event which affected your business' ability to produce a profit.
You anticipate that you will make a profit in the income tax year ending 30 June 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 - Subsection 35-55(1)