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Hill and Commissioner of Taxation (Taxation) [2019] AATA 1723

Allowable deductions — Losses — Losses incurred in carrying on a business — Indicia of carrying on a business — Indicia of carrying on a share trading business — Taxpayer engaged in purchase and sale of shares — Deduction for loss disallowed — Whether taxpayer carrying on share trading business — Consideration of indicia — No system and regularity of trades — Lack of sophistication — No engagement of professional assistance despite having no relevant qualifications — Income Tax Assessment Act 1997 (Cth), s 8–1 — The Tribunal affirms the decision under review

 

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