(1)

An enterprise is an activity, or series of activities, done:

(a)

in the form of a ^* business; or

(b)

in the form of an adventure or concern in the nature of trade; or

(c)

on a regular or continuous basis, in the form of a lease, licence or other grant of an interest in property; or

(d)

by the trustee of a fund that is covered by, or by an authority or institution that is covered by, Subdivision 30-B of the ^* ITAA 1997 and to which deductible gifts can be made; or

(e)

by a charitable institution or by a trustee of a charitable fund; or

(f)

by a religious institution; or

(g)

by the Commonwealth, a State or a Territory, or by a body corporate, or corporation sole, established for a public purpose by or under a law of the Commonwealth, a State or a Territory.

(2)

However, enterprise does not include an activity, or series of activities, done:

(a)

as an employee or other ^* PAYE earner (unless it is done in supplying services as the holder of an office that the employee or PAYE earner has accepted in the course of or in connection with an activity or series of activities of the kind mentioned in subsection (1)); or

Note: An employee's or PAYE earner's acts will still form part of the activities of the enterprise in which he or she is employed.

(b)

as a private recreational pursuit or hobby; or

(c)

by an individual (other than a trustee of a charitable fund), or a ^* partnership (all the members of which are individuals), without a reasonable expectation of profit or gain; or

(d)

as a member of a local governing body established by or under a law of a State or Territory (other than an eligible local governing body within the meaning of section 221A of the ^* ITAA 1936).