Income Tax Assessment Act 1997
35‑5 Object35‑5 Object
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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).