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TD 94/65 explains that only actual costs that are identified as likely to be incurred during the contract period and which are properly deductible, are taken into account in calculating 'notional taxable income' under the estimated profits basis. General claims for 'management reserves' are not sufficiently informative to be taken into account.

TD 94/65 is being withdrawn to form part of a consolidated ruling on the tax treatment of long term construction contracts.

The issue covered by TD 94/65 is now covered in Taxation Ruling TR 2017/D8.