Tax Election

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Definitions
Post-Cessation Receipts
Post-Cessation Receipts Income Tax Trading Activities Tax Election Trade Expenses
Post-cessation receipts are amounts accruing from a trading activity that are received after the trade has ceased. For tax purposes, these receipts are treated as income in the year of receipt, from which any relevant trade expenses incurred can be deducted. An election can also be made to treat them as income in the year the trade ceased.
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