Document ID: chunk:federal_register_of_legislation:C2010C00184:clause:1_19
Version: federal_register_of_legislation:C2010C00184
Segment Type: clause
Provision Reference: sch 1 cl 19
Character Range: 67432–68159

19  Subsection 6(1)
Insert:

passive commodity gain, in relation to a taxpayer, in relation to a year of income, means a gain realised by the taxpayer in a year of income from disposing of a forward contract or a futures contract, or a right or option in respect of a forward contract or a futures contract, in respect of any thing (a commodity):
 (a) that is capable of delivery under an agreement for its delivery; and
 (b) that is not an instrument creating or evidencing a chose in action;
unless the contract, right or option relates to the carrying on by the taxpayer of a business:
 (c) of producing or processing the commodity; or
 (d) that involves the use of the commodity as a raw material in a production process.