Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 70.85

Application of this Subdivision to certain other assets

    This Subdivision (except section   70 - 115) applies to certain assets of a * business as if they were * trading stock on hand of the entity that carries on that business. The assets are:

  (a)   standing or growing crops; and

  (b)   crop - stools; and

  (c)   trees planted and tended for sale.

Note:   Section   70 - 115 assesses insurance or indemnity amounts for lost trading stock.


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