Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

Division 70 - Trading stock  

Subdivision 70-D - Assessable income arising from disposals of trading stock and certain other assets  

Operative provisions

SECTION 70-85  

70-85   Application of this Subdivision to certain other assets  

This Subdivision (except section 70-115 ) applies to certain assets of a *business as if they were *trading stock on hand of the entity that carries on that business. The assets are:

(a) standing or growing crops; and

(b) crop-stools; and

(c) trees planted and tended for sale.

Note:

Section 70-115 assesses insurance or indemnity amounts for lost trading stock.