Business

For income tax purposes, a business is an activity that you intend to carry on for profit and there is evidence to support that intention.

A business includes:

  • a profession;
  • a calling;
  • a trade;
  • a manufacture;
  • an undertaking of any kind; and
  • an adventure or concern in the nature of trade

The three most common types of business structures are:

The type of structure you choose has a significant effect on the way you report your income, the type of returns you file each year, and many other matters.

Additional information