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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK    View history reference

Division 70 - Trading stock    View history reference

SECTION 70-1  What this Division is about  

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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.


 



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