Whether or not an activity is carried on by way of business is a question of fact that takes account of several factors. These include:

(a) the degree to which the activity is conducted with continuity, regularity and systemically;
(b) the existence of a commercial element;
(c) the scale proportion and impact which the activity bears to other activities carried on by the same Person but which are not regulated; and
(d) the nature, context and circumstances of the particular activity that is carried on.