Div 35 inserted by No 90 of 2000.
S 35-1 amended by No 133 of 2009, s 3 and Sch 2 item 1, by substituting the second and third paragraphs, applicable in relation to the 2009-2010 income year and later income years. The second and third paragraphs formerly read:
It sets out a series of tests to determine whether a business activity is treated as being non-commercial.
The deferred losses may be offset in later years against profits from the activity or, if one of the tests is satisfied or the Commissioner exercises a discretion, against other income.
S 35-1 inserted by No 90 of 2000.