Income tax: property development: can costs incurred and income derived under the terms of a long-term construction contract be returned on a completed contract basis?

TD 94/39 sets out that the Commissioner does not accept the completed contract basis for bringing to account, for tax purposes, the costs incurred and income derived under a long-term construction contract.

TD 94/39 is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts.

The issue covered by TD 94/39 is now covered in Taxation Ruling TR 2017/D8.