Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16E - Accruals assessability, etc., in respect of certain security payments  

SECTION 159GY  

159GY   EFFECT OF DIVISION WHERE QUALIFYING SECURITY IS TRADING STOCK  

No amount shall be included in, or allowable as a deduction from, the assessable income of a taxpayer:

(a) under section 159GQ in relation to a qualifying security in respect of any year or part of a year of income during which the qualifying security forms part of the trading stock of the taxpayer; or

(b) (Omitted by No 82 of 1994)

(c) under section 159GS in relation to the transfer of a qualifying security by the taxpayer where, immediately before the transfer, the qualifying security was or formed part of the trading stock of the taxpayer.