s 70-90
In forceApplication of sections 70‑90 and 70‑95 of the Income Tax Assessment Act 1997 to disposals of trading stock outside the ordinary course of business
Chapter 2Liability rules of general application
Part 2-25Trading stock
Division 70Trading stock
70-90 Application of sections 70‑90 and 70‑95 of the Income Tax Assessment Act 1997 to disposals of trading stock outside the ordinary course of business
Sections 70‑90 (Assessable income on disposal of trading stock outside the ordinary course of business) and 70‑95 (Purchase price is taken to be market value) of the Income Tax Assessment Act 1997 apply to a disposal of an item of trading stock that takes place on or after 1 July 1997.
Research tools for this sectionPro
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.