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Generally this Draft Ruling focuses on the calculation of the "cost" of trading stock for the purposes of Sec. 70-45 in the general mining, petroleum and quarrying industries. However, the way in which the "trading stock" regime applies to such industries involves a number of closely related issues including the extent to which the various costs generate a deduction (under Sec. 70-25 or 51(2) or otherwise), and the extent to which Sec. 70-30 now has a potential application (and if so with what effect). These issues are so closely related that it is difficult to interpret the practical consequences of the Draft Ruling without a clear understanding of the ATO's position in relation to such matters.
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