Income Tax Assessment Act 1997
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View history notePt 2-25 inserted by No 121 of 1997.
Div 70 inserted by No 121 of 1997.
Trading stock includes:
(a) anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a * business; and
(b) * live stock.
S 70-10(1) renumbered from s 70-10 and amended by No 71 of 2012, s 3 and Sch 2 items 1 to 3, by substituting " * live stock. " for " * live stock; " in para (b) and omitting " but does not include a * Division 230 financial arrangement. " from the end of the subsection, applicable in relation to CGT assets owned after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011 (the budget time ). However, the amendments do not apply in relation to a CGT asset owned by an entity after the budget time if, just before the budget time, the entity owned and held the CGT asset as trading stock.
70-10(2)
Trading stock does not include:
(a) a * Division 230 financial arrangement; or
(b) a * CGT asset covered by section 275-105 that:
(i) is owned by a * complying superannuation entity; or
(ii) is a * complying superannuation asset of a * life insurance company.
S 70-10(2) amended by No 64 of 2020, s 3 and Sch 3 item 77, by substituting " * complying superannuation entity " for " * complying superannuation fund, a * complying approved deposit fund or a * pooled superannuation trust " in para (b)(i), effective 1 July 2020.
S 70-10(2) amended by No 70 of 2015, s 3 and Sch 1 item 189, by substituting " superannuation " for " superannuation/FHSA " in para (b)(ii), effective 1 July 2015.
S 70-10(2) inserted by No 71 of 2012, s 3 and Sch 2 item 4, applicable in relation to CGT assets owned after 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011 (the budget time ). However, the amendments do not apply in relation to a CGT asset owned by an entity after the budget time if, just before the budget time, the entity owned and held the CGT asset as trading stock.
Note 1:
Shares in a PDF are not trading stock. See section 124ZO of the Income Tax Assessment Act 1936 .
Note 2:
If a company becomes a PDF, its shares are taken not to have been trading stock before it became a PDF. See section 124ZQ of the Income Tax Assessment Act 1936 .
S 70-10 substituted by
No 15 of 2009
, s 3 and Sch 1 item 68, effective 26 March 2009. For application and transitional provisions see note under Div
230
heading. S 70-10 formerly read:
Shares in a PDF are
not
trading stock. See section
124ZO
of the
Income Tax Assessment Act 1936
.
Meaning of
trading stock
70-10
Trading stock
includes:
(a)
anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a
*
business; and
(b)
*
live stock.
Note 1:
Note 2:
If a company becomes a PDF, its shares are taken not to have been trading stock before it became a PDF. See section 124ZQ of the Income Tax Assessment Act 1936 .
S 70-10 inserted by No 121 of 1997.
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