Taxation Ruling

TR 97/15A1 - Addendum

Income tax: conditional contracts: derivation of income; allowable deductions; trading stock on hand

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Addendum

This Addendum amends Taxation Ruling TR 97/15 to reflect the changes to the law caused by the repeal of inoperative provisions.

TR 97/15 is amended as follows:

1. Subparagraph 1(a)

Omit:

subsection 25(1) of the Income Tax Assessment Act 1936 ('the Act')'

Substitute:

section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997).

2. Subparagraph 1(b) , paragraph 14

Omit:

subsection 51(1) of the Act

Substitute:

section 8-1 of the ITAA 1997.

3. Subparagraphs 1(c) , 1(d) and 1(e) , paragraphs 4, 16, 17, 18, 19, 20, 41, 42, 49, 50, 51, 52, 53, 54, 55, 56, 68, 73 and 74

Wherever occurring, omit:

subsection 51(1)

Substitute:

section 8-1 of the ITAA 1997.

4. Subparagraph 1(f) , paragraph 22

Omit:

section 28 of the Act

Substitute:

section 70-35 of the ITAA 1997.

5. Paragraphs 4, 67, 68, 73 and 74

Wherever occurring, omit:

section 28

Substitute:

section 70-35 of the ITAA 1997.

6. Paragraph 13

Omit:

subsection 25(1) of the Act

Substitute:

section 6-5 of the ITAA 1997.

7. Paragraphs 18, 20, 21, 56, 62, 67, 73 and 74

Wherever occurring, omit:

subsection 25(1)

Substitute:

section 6-5 of the ITAA 1997.

8. Paragraphs 66, 71, 72, 73 and 74

Omit: '1996' wherever occurring; substitute: '1998'.

9. Paragraphs 67, 68, 73 and 74

Omit: '1995-96' wherever occurring; substitute: '1998-1999'.

10. Legislative references

Omit:

- ITAA 25(1)

- ITAA 28

- ITAA 51(1)

Substitute:

- ITAA 1997 6-5

- ITAA 1997 8-1

- ITAA 1997 70-35

This Addendum applies on and from 14 September 2006.

Commissioner of Taxation
17 August 2011

References

ATO references:
NO 1-1V5Z6L6