Trading stock

Income tax: foreign currency exchange gains and losses: if a foreign exchange realisation gain is made under section 775-55 of the Income Tax Assessment Act 1997 upon payment for the acquisition of foreign currency denominated trading stock (other than livestock that is only trading stock by reason of the statutory definition of trading stock), is that gain 'ordinary income' as defined in section 6-5 of the Income Tax Assessment Act 1997 for the purposes of subsection 45-120(1) of Schedule 1 to the Taxation Administration Act 1953 ?

Income tax: are bees kept for use in a honey production business trading stock as defined in section 70-10 of the Income Tax Assessment Act 1997?

Income tax: property development: in what circumstances is land treated as 'trading stock'?

Income tax: property development : if land is acquired for development, subdivision and sale but the development is abandoned and the land sold in a partly developed state, how is a profit on the sale of the land treated for income tax purposes?

Income tax: property development : if land is acquired for development, subdivision and sale but after some initial development the project ceases and is recommenced in a later income year, how is a profit on the sale of the land treated for income tax purposes?

Income tax: property development: if land is trading stock, do related interest costs, council rates and land taxes, form part of the cost price for trading stock valuation purposes?

Income tax: under what circumstances is an average cost method acceptable in determining cost price of newsprint for closing stock valuation?

Income tax: do the trading stock provisions apply to newsprint held by a taxpayer carrying on a business of producing newspapers?

Income tax: when can a taxpayer elect to use replacement value for valuation of trading stock under section 70-45 of the Income Tax Assessment Act 1997 ?

Income tax: is it necessary to do a stocktake at the end of the year ?

Income tax: trading stock of gold miners: what is the application of section 70-50 of the Income Tax Assessment Act 1997 to the low grade ore stocks where the notional market selling value is below cost?

Income tax: has an expense been 'incurred' for the purchase of imported trading stock which is in transit by sea and for which the bills of lading or non-negotiable waybills and finance documents relating to liability for payment have not yet been accepted?

Income tax: banana growers - what expenses should be included in a valuation at cost of trading stock on hand at the end of the income year under section 70-45 of the Income Tax Assessment Act 1997 ?

Income tax: can a taxpayer after lodging a return but before any assessment is made alter the figure for closing stock by adopting a different basis of valuation to that on which the return was originally prepared?

Income tax: are bar shouts and in-house competition prizes of cash and liquor, supplied by hoteliers to encourage patronage, allowable deductions, and if so, what documentation is acceptable to support the amount claimed?

Income tax: a wholesaler of computers lends demonstration computers ('demonstrators') to prospective purchasers (excluding retailers) on the basis of 'approval, exchange or return' or to retailers for display purposes only. The wholesaler retains ownership at the time of providing the demonstrators. The demonstrators are not on consignment. Are the demonstrators 'trading stock' of the wholesaler for the purposes of section 70-10 of the Income Tax Assessment Act 1997 and 'trading stock on hand' of the wholesaler for the purposes of section 70-35 of that Act?

Income tax: does a disposal of livestock because of the loss of pasture or fodder as a result of drought qualify for the concessions in subsection 36(3) or section 36AAA of the Income Tax Assessment Act 1936 even though the disposal takes place after the drought declaration is withdrawn for the area in which the livestock or pasture was located?

Income tax: can section 36A of the Income Tax Assessment Act 1936 apply if a sole trader who owns trading assets transfers the assets to another person as a trustee of a discretionary trust?

Income tax: can section 36A of the Income Tax Assessment Act 1936 apply if a sole trader who owns trading assets declares himself or herself to be a trustee of a discretionary trust over the assets?

Income tax: can section 36A of the Income Tax Assessment Act 1936 apply if: (a) a sole trader who owns the trading assets of a business transfers the assets to a partnership comprising the sole trader and a trustee of a discretionary trust?; and (b) the partnership of the sole trader and the trustee, in turn, transfers the assets to the trustee?