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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK    View history reference

Division 70 - Trading stock    View history reference

Subdivision 70-C - Accounting for trading stock you hold at the start or end of the income year    View history reference

General rules

SECTION 70-35  You include the value of your trading stock in working out your assessable income and deductions  

 View history reference ITAA 36

70-35(1)  

If you carry on a *business, you compare:


(a) the *value of all your *trading stock on hand at the start of the income year; and


(b) the *value of all your trading stock on hand at the end of the income year.
 View history reference

Note:

You may not need to do this stocktaking if you are a small business entity: see Division 328.

70-35(2)  

Your assessable income includes any excess of the *value at the end of the income year over the value at the start of the income year.

70-35(3)  

On the other hand, you can deduct any excess of the *value at the start of the income year over the value at the end of the income year.


 



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