Income tax: property development: can a construction contract which runs for less than twelve months be regarded as a long-term construction contract for the purposes of Taxation Ruling IT 2450?

TD 92/186 explains that a long-term construction contract, under Taxation Ruling IT 2450, is a contract that extends beyond one income year, even if the contract period is less than 12 months.

TD 92/186 is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts.

The issue covered by TD 92/186 is now covered in Taxation Ruling TR 2017/D8.