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

57   After subsection 36(1)

Insert:

(2A) Subsection (3) does not apply to a disposal of live stock that takes place on or after 1 July 1997.

Note: Subdivision 385-E (Primary producer can elect to spread or defer tax on profit from forced disposal or death of live stock) of the Income Tax Assessment Act 1997 deals with such a disposal.