INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision E - Subdivision B of Division 2  

SECTION 159GZZZBF  

159GZZZBF   INTERPRETATION  
In this Subdivision:

"changeover year"
, in relation to a taxpayer, means the year of income of the taxpayer in which 1 January 1991 occurs;

"eligible trading stock"
, in relation to a taxpayer at a particular time, means trading stock of the taxpayer that is on hand at that time where, if that time were the end of a year of income of the taxpayer, the value of the trading stock would not be required to be taken into account under section 28 in ascertaining whether or not the taxpayer has a taxable income for the year of income only because paragraph 23(o) or subsection 23C(1) applies, or but for Subdivision A would apply, to income derived by the taxpayer at that time.