INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

Division 70 - Trading stock  

Subdivision 70-A - What is trading stock  

SECTION 70-10   Meaning of trading stock  

70-10(1)  


Trading stock includes:


(a) anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a *business; and


(b) *live stock.

70-10(2)  


Trading stock does not include:


(a) a *Division 230 financial arrangement; or


(b) a *CGT asset covered by section 275-105 that:


(i) is owned by a *complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust; or

(ii) is a *complying superannuation asset of a *life insurance company.

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.