Internal Audit Policy Documents For Business Areas: 1. Individuals And Intermediaries 2. Objections And Review

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The ATO released internal audit policy documents for two business areas: individuals and intermediaries, and objections and review. The disclosure includes public-facing guidance on determining business status for tax purposes. The guidance clarifies that a business generally involves continuous and repeated activities undertaken for profit, which can be monetary or non-monetary (such as barter arrangements). It distinguishes business activities from non-business income sources including one-off transactions, employment, hobbies, and passive investments. The document addresses when companies are not considered in business, such as those holding assets solely for shareholders' private use or providing non-profit social activities. The guidance directs taxpayers to relevant taxation rulings for determining whether profits from isolated transactions constitute ordinary income or capital gains. No quantified compliance data, case volumes, or specific audit outcomes are disclosed in this excerpt.