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 outgoingAn 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.