Taxation Ruling
TR 97/15A1 - Addendum
Income tax: conditional contracts: derivation of income; allowable deductions; trading stock on hand
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Addendum
This Addendum amends Taxation Ruling TR 97/15 to reflect the changes to the law caused by the repeal of inoperative provisions.
TR 97/15 is amended as follows:
Omit:
subsection 25(1) of the Income Tax Assessment Act 1936 ('the Act')'
Substitute:
section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997).
2. Subparagraph 1(b) , paragraph 14
Omit:
subsection 51(1) of the Act
Substitute:
section 8-1 of the ITAA 1997.
3. Subparagraphs 1(c) , 1(d) and 1(e) , paragraphs 4, 16, 17, 18, 19, 20, 41, 42, 49, 50, 51, 52, 53, 54, 55, 56, 68, 73 and 74
Wherever occurring, omit:
subsection 51(1)
Substitute:
section 8-1 of the ITAA 1997.
4. Subparagraph 1(f) , paragraph 22
Omit:
section 28 of the Act
Substitute:
section 70-35 of the ITAA 1997.
5. Paragraphs 4, 67, 68, 73 and 74
Wherever occurring, omit:
section 28
Substitute:
section 70-35 of the ITAA 1997.
Omit:
subsection 25(1) of the Act
Substitute:
section 6-5 of the ITAA 1997.
7. Paragraphs 18, 20, 21, 56, 62, 67, 73 and 74
Wherever occurring, omit:
subsection 25(1)
Substitute:
section 6-5 of the ITAA 1997.
8. Paragraphs 66, 71, 72, 73 and 74
Omit: '1996' wherever occurring; substitute: '1998'.
9. Paragraphs 67, 68, 73 and 74
Omit: '1995-96' wherever occurring; substitute: '1998-1999'.
Omit:
- ITAA 25(1)
- ITAA 28
- ITAA 51(1)
Substitute:
- ITAA 1997 6-5
- ITAA 1997 8-1
- ITAA 1997 70-35
This Addendum applies on and from 14 September 2006.
Commissioner of Taxation
17 August 2011
References
ATO references:
NO 1-1V5Z6L6