Share trader or share investor: drawing the line - Devi and FCT
The question of whether a business exists for income tax purposes is a perennial issue that ends up at the Administrative Appeals Tribunal (AAT) and occasionally the courts, notwithstanding the longstanding principles of what constitutes a business are well-established.1 This analysis revisits and clarifies the longstanding principles of what constitutes a business and examines the recent AAT case, Devi and Commissioner of Taxation (Taxation)2 (Devi and FCT). Somewhat controversially3 in Devi and FCT, a child care worker and day share trader was denied share trading losses despite a significant scale of activities and profit-making intention.
Copyright © 2016 LexisNexis. This article is made available per the publisher's Content Sharing policy.
URIhttps://advance.lexis.com/api/permalink/ fd891b55-2058-46e8-9444-42d12bd3da3d/? context=1201008&federationidp=SFHJ6R50981