Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 70.1

What this Division is about

This Division deals with amounts you can deduct, and amounts included in your assessable income, because of these situations:

  you acquire an item of trading stock;

  you carry on a business and hold trading stock at the start or the end of the income year;

  you dispose of an item of trading stock outside the ordinary course of business, or it ceases to be trading stock in certain other circumstances.

Table of sections

70 - 5   The 3 key features of tax accounting for trading stock



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