Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 70.75

What this Subdivision is about

Your assessable income includes the market value of an item of trading stock if you dispose of it outside the ordinary course of business or it ceases to be trading stock in certain other circumstances.

This Subdivision treats certain other assets in the same way as trading stock.

Table of sections

70 - 80   Why the rules in this Subdivision are necessary

Operative provisions

70 - 85   Application of this Subdivision to certain other assets

70 - 90   Assessable income on disposal of trading stock outside the ordinary course of business

70 - 95   Purchase price is taken to be market value

70 - 100   Notional disposal when you stop holding an item as trading stock

70 - 105   Death of owner

70 - 110   You stop holding an item as trading stock but still own it

70 - 115   Compensation for lost trading stock


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