TD 92/124A - Addendum
Income tax: Property development: in what circumstances is land treated as 'trading stock'?
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FOI status:may be released
This Addendum amends paragraph 1 of Taxation Determination TD 92/124 to take into account amendments to the trading stock provisions of the Income Tax Assessment Act 1997 with effect from 1 July 1997.
TD 92/124 is amended as follows:
Replace existing paragraph 1 with the following:
1. Land is treated as trading stock for income tax purposes if:
- it is held for the purpose of resale; and
- A business activity which involves dealing in land has commenced.
This Addendum applies on and from 1 July 1997.
Commissioner of Taxation
7 April 2004