Taxation Determination

TD 92/124A - Addendum

Income tax: Property development: in what circumstances is land treated as 'trading stock'?

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


ATO references:
NO 2003/11684

ISSN: 1038-8982

Related Rulings/Determinations:

TD 92/124