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That's one of the tests yes. Land value (not size) is another one. http://www.ato.gov.au/businesses/content.asp?doc=/content/13281.htm&page=2&H2

You are thinking of the non-commercial loss rules. Unless you can pass certain tests, you can not offset these losses against your other income. They simply carry forward until you make a profit from that same activity. Think of it a bit like capital losses, which you can only offset against...