Taxation Ruling
IT 88A - Addendum
Income Tax: Trading Stock - Commonwealth securities held by authorised dealers in the short term money market.
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Please note that the PDF version is the authorised version of this ruling.
FOI status:
may be releasedNotice of Addendum
This Addendum amends Taxation Ruling IT 88, in relation to the 1997-98 or a later income year, as follows:
- 1.
- Paragraph 3
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- Omit 'section 6'; substitute ' section 6 of the Income Tax Assessment Act 1936 (section 995-1 of the Income Tax Assessment Act 1997 with effect from and including the 1997-98 income year)'.
- 2.
- Paragraph 6
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- Omit the whole paragraph; insert 'Bonds and other securities held by banks and insurance companies are generally revenue assets and not trading stock. Taxation Ruling TR 96/4 at paragraph 68 provides further discussion on this topic.'.
Commissioner of Taxation
5 May 1999
References
ATO references:
NO NAT 99/4295-5; J226/13
ISSN 0813 - 3662
Related Rulings/Determinations:
IT 88