Private ruling: Non-commercial losses and the exercise of the Commissioner's discretion
Date of advice: 6 August 2019
Published: October 2019
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: 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? | 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 prevented you from passing a test. Further information on non-commercial losses can be found by searching 'QC 33774' on ato.gov.au

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)