INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

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:

  • · 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.

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