• Double wool clips

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Tax relief is available in relation to the proceeds of the sale of 2 wool clips arising in an income year because of an early shearing caused by drought, fire or flood. A wool grower can elect to defer the profit on the sale of the wool clip from the advanced shearing to the succeeding year.

    Last modified: 28 Oct 2003QC 27421