26 Jul 077 Non-commercial business losses: Commissioner's discretion - TR 2007/6This final Taxation Ruling was issued on 25 July 2007. It was previously released in draft form as TR 2007/D1 see 2007 TAXVINE No 2 (8) (25 January 2007). The Ruling provides guidelines on how the discretion contained in s 35-55(1) of ITAA 1997 may be exercised to determine that it would be unreasonable for the loss deferral rule in s 35-10(2) to apply to a loss attributable to an individual taxpayer's business activity. It does not consider the operation of the discretion in s 35-55(2).
Following the issue of TR 2007/6, an Addendum has been issued to TR 2001/14 (Income tax: Division 35 - non-commercial business losses).
For a copy of TR 2007/6, go here
For a copy of TR 2001/14A4, go here