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

54   At the end of section 33

Add:

(2) This section does not apply to the valuation of live stock at the end of the 1997-98 year of income or at the end of a later year of income.

Note: For those income years, the Income Tax Assessment Act 1997 does not prevent a change in the basis for valuing your live stock.