New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 25   Value shifting

Income Tax Assessment Act 1997

8   After subsection 727-715(3)

Insert:

(3A) If at the time referred to in subsection (3) a *primary interest covered by that subsection was *trading stock or a *revenue asset, its *adjustable value taken into account under that subsection is the greater of its adjustable value as a *CGT asset and its adjustable value as trading stock or a revenue asset.