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Draft Taxation Ruling - TR 97/D14 - Income Tax: Miscellaneous Trading Stock Issues

Published on 20 Oct 97 by THE TAX INSTITUTE

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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TAXPAYERS AUSTRALIA INC


 
TAX POLICY & RESEARCH DIVISION

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INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA

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AUSTRALIAN SOCIETY OF CERTIFIED PRACTISING ACCOUNTANTS

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