Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 977.50

                   A ^* CGT asset is a revenue asset if, and only if:

                     (a)  the profit or loss on your disposing of the asset, ceasing to own it, or otherwise realising it, would be taken into account, in calculating your assessable income or ^* tax loss, otherwise than as a ^* capital gain or ^* capital loss; and

                     (b)  the asset is neither ^* trading stock nor a ^* depreciating asset.