ACCT2331 Chapter Notes - Chapter 9: Crayfish, Advanced Land Observation Satellite, Capital Asset
Document Summary
Week 7: trading stock, capital allowances, capital works: trading stock: Trading stock provisions are provided in the tax legislations so that businesses can account for their stock and effectively calculate an amount equivalent to cogs. Trading stock = includes anything produced, manufactured or acquired that is held for the purposes of manufacture, sale or exchange in the ordinary course of business - Excludes div 230 financial arrangements, shares in a pdf, registered emission units and certain shares, units & land owned by superannuation entities itaa97 s. 70- Anything that is included in the ordinary meaning of trading stock is alos included unless specifically excluded. Trading stock specifically includes livestock: however, animals used as working beasts in a non-primary production business are specifically excluded from being livestock itaa97 s. 995- 1(1: domestic pets are not livestock, freshwater crayfish kept and bred on farms or in hatcheries for sale & live pearl oysters used in a business of pearl culture = livestock td2017/7, case.
