re: tax deductions for those in business

[Mark T]

In the business section of the forums, there's a new thread headed "tax deductions for those in business" (see http://forum.d70users.com/viewtopic.php?t=2171 )

The Financial Review article is a little light on the detail, so I headed off to the Tax Office website to find a copy of the new Taxation Ruling.

The ruling, entitled "Income tax: carrying on a business as a professional artist" is rather dry reading (like all other tax rulings or most government documents). Despite this, for anyone interested in this area, it has nearly a dozen good examples of whether or not the Tax Office would classify a taxpayer's activities as "carrying on a business".

A pdf of the ruling can be found on the Tax Office website at: http://law.ato.gov.au/pdf/tr05-001.pdf

regards

Mark

[ajo43]

Thanks Mark. Who knows, maybe some of our hobbies can be called a business. There are certainly pleanty of expenses...