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

53   After subsection 32A(1)

Insert:

(1A) This section does not apply to the valuation of horse breeding stock at the end of the 1997-98 year of income or at the end of a later year of income.

Note: Section 70-45 (Value of trading stock at end of year) or 70-60 (Valuation of horse breeding stock) of the Income Tax Assessment Act 1997 applies to such a valuation.