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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