Private ruling: Non-commercial business loss
Date of advice: 27 September 2019
Published: November 2019
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion to allow you to include any losses from your business activity in the calculation of your taxable income for the 20XX-XX and 20XX-XX income years? | A1: 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 caused you to make a loss. Further information on non-commercial losses can be found by searching 'QC 33774' on ato.gov.au


Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 35-10(1), | Income Tax Assessment Act 1997 subsection 35-10(2), | Income Tax Assessment Act 1997 subsection 35-10(2E) and | Income Tax Assessment Act 1997 paragraph 35-55(1)(a).


Relevant facts: During the 20XX-XX and 20XX-XX income years your business activity was impacted by a number of abnormal circumstances including extreme weather events. | You have provided projections of income and expenses that indicate that if not for those circumstances your business activity would have made a profit in those income years.