Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 35.5

Object

  (1)   The object of this Division is to improve the integrity of the taxation system by:

  (a)   preventing losses from non - commercial activities that are carried on as * businesses by individuals (alone or in partnership) being offset against other assessable income; and

  (b)   preventing pre - business capital expenditure and post - business capital expenditure by individuals (alone or in partnership) in relation to non - commercial activities being deductible under section   40 - 880 (business related costs);

unless certain exceptions apply.

  (2)   This Division is not intended to apply to activities that do not constitute carrying on a * business (for example, the receipt of income from passive investments).



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