SOCIAL SECURITY ACT 1991 - SECT 1074 Ordinary income from a business--treatment of trading stock
SOCIAL SECURITY ACT 1991 - SECT 1074
Ordinary income from a business--treatment of trading stock(a) a person carries on a business; and
(b) the value of all the trading stock on hand at the end of a tax year is greater than the value of all the trading stock on hand at the beginning of that tax year;
the person's ordinary income for that tax year in the form of profits from the business is to include the amount of the difference in values.
(a) a person carries on a business; and
(b) the value of all the trading stock on hand at the end of a tax year is less than the value of all the trading stock on hand at the beginning of that tax year;
the person's ordinary income for that tax year in the form of profits from
the business is to be reduced by the amount of the difference in values.