Search Legislation

Advanced Search

Income Tax (Trading and Other Income) Act 2005

Section 174: Meaning of “trading stock”

724.This section defines trading stock. The definition applies:

  • in this Chapter;

  • in sections 135 and 136 (films and sound recordings);

  • in section 236 (adjustment income); and

  • in section 252 (post-cessation receipts).

725.The section is based on sections 100(2) and 101(3) of ICTA.

726.Section 101(3) of ICTA is invoked by section 100(2) and is concerned with valuation of incomplete services at the time of “discontinuance”. So the definition in this section refers to incomplete services at the “time of the cessation”.

Back to top

Options/Help

Print Options

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources