Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 977 - Realisation events, and the gains and losses they realise for income tax purposes  

Revenue assets  

SECTION 977-50  

977-50   Meaning of revenue asset  

A *CGT asset is a revenue asset if, and only if:

(a) the profit or loss on your disposing of the asset, ceasing to own it, or otherwise realising it, would be taken into account, in calculating your assessable income or *tax loss, otherwise than as a *capital gain or *capital loss; and

(b) the asset is neither *trading stock nor a *depreciating asset.