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INCOME TAX ASSESSMENT ACT 1997 - SECT 70.25 Cost of trading stock is not a capital outgoing

INCOME TAX ASSESSMENT ACT 1997 - SECT 70.25

Cost of trading stock is not a capital outgoing

    An outgoing you incur in connection with acquiring an item of * trading stock is not an outgoing of capital or of a capital nature.

Note:   This means that paragraph   8 - 1(2)(a) does not prevent the outgoing from being a general deduction under section   8 - 1.

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