Trading Stock is defined in a 70-10(1) ITAA 1997 as anything produced, manufactured, acquired that is held

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Trading Stock is defined in a 70-10(1) ITAA 1997 as anything produced, manufactured, acquired that is held for the purposes of manufacture, sale or exchange in the ordinary course of business.

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Explain the relevant legislation which brings trading stock in account for income tax purposes as assessable income or as an allowable deduction.

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Global Strategy

ISBN: 9780357512364

5th Edition

Authors: Mike W. Peng

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Posted Date: Mar 02, 2024 02:54 AM

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Trading Stock is defined in a 70-10(1) ITAA 1997 as anything produced, manufactured, acquired that is held

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The relevant legislation that addresses the treatment of trading stock for income tax purposes in Australia is found in the Income Tax Assessment Act ... View the full answer

Global Strategy

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