INCOME TAX ASSESSMENT ACT 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.
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 fund, a *complying approved deposit fund or a *pooled superannuation trust; or
(ii) is a *complying superannuation asset of a *life insurance company.
Shares in a PDF are not trading stock. See section 124ZO of the Income Tax Assessment Act 1936.
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.
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