Income Tax Assessment Act 1997
CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION PART 2-25 - TRADING STOCK
you acquire an item of trading stock;
you carry on a business and hold trading stock at the start or the end of the income year;
you dispose of an item of trading stock outside the ordinary course of business, or it ceases to be trading stock in certain other circumstances.
Division 70 - Trading stock
SECTION 70-1 What this Division is about
This Division deals with amounts you can deduct, and amounts included in your assessable income, because of these situations: