Tax Law Improvement Act 1997 (121 of 1997)

Schedule 5   Trading stock (and some related matters)

Part 2   Consequential amendment of the Income Tax Assessment Act 1997

42   Subsection 995-1(1)

Insert:

value of an item of *trading stock has the meaning given by Subdivision 70-C.

Note: For the value of trading stock at the start of the 1997-98 income year, see section 70-40 of the Income Tax (Transitional Provisions) Act 1997.