Private ruling: Business losses - single business activity
Date of advice: 18 February 2020
Published: March 2020
Ruling period: Financial year ended 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Are your multiple income-earning activities considered a single business activity for the purposes of Division 35 of the Income Tax Assessment Act 1997 ? | A1: 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

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