INCOME TAX ASSESSMENT ACT 1936 - SECT 118 Company not co-operative if less than 90% of business with members
INCOME TAX ASSESSMENT ACT 1936 - SECT 118
Company not co-operative if less than 90% of business with members If, in the ordinary course of business of a company in the
year of income, the value of commodities and animals disposed of to, or
acquired from, its shareholders by the company, or the amount of its receipts
from the storage, marketing, packing and processing of commodities of its
shareholders, or from the rendering of services to them, or the amount lent by
it to them, is less respectively than 90% of the total value of commodities
and animals disposed of or acquired by the company, or of its receipts from
the storage, marketing, packing and processing of commodities, or from the
rendering of services, or of the total amount lent by it, that company shall
in respect of that year be deemed not to be a co - operative company.