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

65   After subsection 51(2)

Insert:

(2AA) Subsection (2A) does not apply to expenditure incurred in the 1997-98 year of income or a later year of income.

Note: Section 70-15 (In which income year do you deduct an outgoing for trading stock?) of the Income Tax Assessment Act 1997 deals with deduction of expenditure incurred in those years of income.