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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 70-40  Value of trading stock at start of income year  

 View history reference

70-40(1)  

 View history reference ITAA 36
The value of an item of *trading stock on hand at the start of an income year is the same amount at which it was taken into account under this Division or Subdivision 328-E (about trading stock for small business entities) at the end of the last income year.

70-40(2)  

 View history reference [No equivalent]
The value of the item is a nil amount if the item was not taken into account under this Division or Subdivision 328-E (about trading stock for small business entities) at the end of the last income year.

Archived:

S 70-40(2) (notes 1 and 2) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 232, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .


 



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