Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 977.50

    A * CGT asset is a revenue asset if, and only if:

  (a)   the profit or loss on your disposing of the asset, ceasing to own it, or otherwise realising it, would be taken into account, in calculating your assessable income or * tax loss, otherwise than as a * capital gain or * capital loss; and

  (b)   the asset is neither * trading stock nor a * depreciating asset.