Section 8-1 of the 1997 Income Tax Assessment Act provides, inter alia, that:

all losses and outgoings to the extent to which they are incurred in gaining or producing assessable income are allowable deductions except to the extent they are losses or outgoings of a private or domestic nature.

Required:

Prepare a report outlining the recent precedent in Frisch v FCT (2008 ATC) and its potential impact on the judicial evaluation of what is private and domestic in terms of s8-1. (approx. 200 words)