Draft Taxation Determination

TD 93/D156

Income tax: foreign income - can 'trading stock' and 'other assets used solely in carrying on a business' come within the definition of 'tainted asset' in section 317?

• Please note that the PDF version is the authorised version of this draft ruling.
  This document has been finalised by TD 93/168.

FOI status:

draft only - for comment

1. Yes. Assets which fall within paragraph (a) or (b) of the definition of 'tainted asset" are tainted whether or not they are:.

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trading stock; or

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otherwise used solely in carrying on a business.

2. Other assets, that is assets falling within paragraph (c) of the definition, will only be tainted if they are:

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not trading stock; or

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not used solely in carrying on a business.

Commissioner of Taxation
17/6/93

References

ATO references:
NO NO 93/2928-0

Subject References:
Controlled Foreign Companies

Legislative References:
ITAA 317