Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION

Division 9 - Co-operative and mutual companies

SECTION 118

118 COMPANY NOT CO-OPERATIVE IF LESS THAN 90 % OF BUSINESS WITH MEMBERS

If, in the ordinary course of business of a company in the year of income, the value of commodities and animals disposed of to, or acquired from, its shareholders by the company, or the amount of its receipts from the storage, marketing, packing and processing of commodities of its shareholders, or from the rendering of services to them, or the amount lent by it to them, is less respectively than 90% of the total value of commodities and animals disposed of or acquired by the company, or of its receipts from the storage, marketing, packing and processing of commodities, or from the rendering of services, or of the total amount lent by it, that company shall in respect of that year be deemed not to be a co-operative company.

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