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

61   Before subsection 36A(1)

Insert:

(1A) Subsection (1) applies to a change of ownership of, or interests in, property only if the change takes place before 1 July 1997.

Note: Section 70-100 (Notional disposal when you stop holding an item as trading stock) of the Income Tax Assessment Act 1997 deals with a change taking place on or after 1 July 1997.