Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-25
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TRADING STOCK
An outgoing you incur in connection with acquiring an item of *trading stock is not an outgoing of capital or of a capital nature.
Division 70
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Trading stock
Subdivision 70-B
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Acquiring trading stock
SECTION 70-25
70-25
Cost of trading stock is not a capital outgoing
An outgoing you incur in connection with acquiring an item of *trading stock is not an outgoing of capital or of a capital nature.
Note:
This means that paragraph 8-1(2)(a) does not prevent the outgoing from being a general deduction under section 8-1 .
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