Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 70.10

  (1)   Trading stock includes:

  (a)   anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a * business; and

  (b)   * live stock.

  (2)   Trading stock does not include:

  (a)   a * Division   230 financial arrangement; or

  (b)   a * CGT asset covered by section   275 - 105 that:

  (i)   is owned by a * complying superannuation entity; or

  (ii)   is a * complying superannuation asset of a * life insurance company.

Note 1:   Shares in a PDF are not trading stock. See section   124ZO of the Income Tax Assessment Act 1936 .

Note 2:   If a company becomes a PDF, its shares are taken not to have been trading stock before it became a PDF. See section   124ZQ of the Income Tax Assessment Act 1936 .