Machinery used in the production process. 

Finished goods held for sale. 

Goods purchased for resale. 

Raw materials used in manufacturing. 

Deferred basis. 

Hybrid basis. 

Accruals basis. 

Cash basis. 

Division 30. 

Division 70. 

Division 40. 

Division 90. 

Californian Oil Products v FCT. 

All of the above. 

Heavy Minerals Pty Ltd v FCT. 

Scott v Federal Commissioner of Taxation. 

The nature of the asset or income it replaces. 

The method of payment. 

The timing of the payment. 

The taxpayer's personal preference. 

It is received. 

Cash is collected. 

It is earned. 

The invoice is paid. 

It is received. 

The service is performed. 

It is invoiced. 

It is earned. 

Non-assessable, non-exempt income. 

Exempt income. 

Capital gains. 

Ordinary income. 

Fixed assets used in the production process.

Capital assets held for long-term investment.

Non-taxable assets.

Revenue assets held for the purpose of manufacturing, exchanging, or selling in a business.

Exempt from tax. 

Non-assessable, non-exempt income. 

Capital. 

Ordinary income.