INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Subsection (1) applies only to property devolving as a result of a person dying before 1 July 1997.
Section 70-105 (Death of owner) of the Income Tax Assessment Act 1997 applies to property devolving as a result of a person dying on or after 1 July 1997.
Where the assets of a business carried on by a taxpayer devolve by reason of his death, and those assets include any property being trading stock, standing or growing crops, crop-stools, or trees which have been planted and tended for the purpose of sale, the value of that property shall, subject to this Act, be included in the assessable income derived by the deceased up to the date of his death, and the person upon whom the property devolves shall be deemed to have purchased it at that value.
For the purpose of subsection (1), the value of the property is the amount which, under section
, would have been included in respect of that property in the assessable income of the deceased person if he had not died but had disposed of the property, otherwise than in the ordinary course of his business, on the day of his death:
An agreement under subsection (2) must be in writing and signed by or on behalf of, each party to the agreement.