The AAT has held that a taxpayer’s share trading activities were not a “business” because they were unsophisticated and not carried out in a business-like manner.
Consequently, the taxpayer was not entitled to claim or carry forward existing losses he had initially claimed in the 2015 to 2017 income years. If you’d like to know more, please contact us at Make Cents Accounting.
Source: Hill v FC of T [2019] AATA 1723, P Britten-Jones (Deputy President) and S Griffiths (Member), Adelaide, 8 July 2019.
