Tax Law Improvement Act 1997 (121 of 1997)

Schedule 5   Trading stock (and some related matters)

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

47   Before subsection 26BA(2)

Insert:

(1A) A taxpayer cannot make an election under subsection (3) relating to the 1997-98 year of income or a later year of income. However, this does not limit the effect of paragraph (6)(b) or subsection (7) in relation to an election that relates to the 1996-97 year of income.

Note: Subdivision 385-G (Double wool clips) of the Income Tax Assessment Act 1997 provides for elections for the 1997-98 year of income and later years of income.