Commonwealth Consolidated Acts

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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 70.90

Application of sections 70 - 90 and 70 - 95 of the Income Tax Assessment Act 1997 to disposals of trading stock outside the ordinary course of business

    Sections   70 - 90 (Assessable income on disposal of trading stock outside the ordinary course of business) and 70 - 95 (Purchase price is taken to be market value) of the Income Tax Assessment Act 1997 apply to a disposal of an item of trading stock that takes place on or after 1   July 1997.


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