Document ID: chunk:federal_register_of_legislation:C2013C00453:clause:1_68
Version: federal_register_of_legislation:C2013C00453
Segment Type: clause
Provision Reference: sch 1 cl 68
Character Range: 258335–258945

68  Section 70‑10
Repeal the section, substitute:

70‑10  Meaning of trading stock
Trading stock includes:
 (a) anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a *business; and
 (b) *live stock;
but does not include a *Division 230 financial arrangement.
Note 1: Shares in a PDF are not trading stock. See section 124ZO of the Income Tax Assessment Act 1936.
Note 2: If a company becomes a PDF, its shares are taken not to have been trading stock before it became a PDF. See section 124ZQ of the Income Tax Assessment Act 1936.