INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

Division 70 - Trading stock  

Subdivision 70-D - Assessable income arising from disposals of trading stock and certain other assets  

Operative provisions

SECTION 70-85   70-85   Application of this Subdivision to certain other assets  


This Subdivision (except section 70-115 ) applies to certain assets of a *business as if they were *trading stock on hand of the entity that carries on that business. The assets are:


(a) standing or growing crops; and


(b) crop-stools; and


(c) trees planted and tended for sale.

Note:

Section 70-115 assesses insurance or indemnity amounts for lost trading stock.


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.