Taxation Determination

TD 93/47A1 - Addendum

Income tax: banana growers - what expenses should be included in a cost price valuation of trading stock on hand at the end of the financial year under subsection 31(1) of the Income Tax Assessment Act 1936?

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Addendum

This Addendum amends Taxation Determination TD 93/47 to reflect changes to the law resulting from the operation of the Tax Law Improvement Act 1997 and the repeal of inoperative provisions by the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006.

TD 93/47 is amended as follows:

1. Title

Omit the title; substitute:

Income tax: banana growers - what expenses should be included in a valuation at cost of trading stock on hand at the end of the income year under section 70-45 of the Income Tax Assessment Act 1997 ?

2. Subparagraph 4(ii)

Omit subparagraph; substitute 'Taxation Ruling TR 98/7 gives the Commissioner's view of when cartons, containers and packing materials are to be treated as trading stock.'

3. References

(a) Omit 'Related Determinations: TD 93/23'; substitute 'Related Rulings: TR 98/7'.

(b) Omit 'ITAA 31(1)'; substitute 'ITAA 1997 70-45'.

This Addendum applies on and from 1 July 1997.

Commissioner of Taxation
23 February 2011

References

ATO references:
NO 1-228OKBA