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

51   Before subsection 31C(1)

Insert:

(1A) This section applies only to a purchase that takes place before 1 July 1997.

Note: Section 70-20 (Non-arm’s length transactions) of the Income Tax Assessment Act 1997 deals with purchases taking place on or after 1 July 1997.