INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-25
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TRADING STOCK
Division 70
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Trading stock
SECTION 70-5 (ARCHIVE)
70-5
Treatment of items that become trading stock because of the change of definition
If:
(a) immediately before the 1997-98 income year you owned an item that was not trading stock as defined in subsection 6(1) of the Income Tax Assessment Act 1936 as in force at that time; and
(b) at the start of that income year you hold the item as trading stock as defined in section 70-10 of the Income Tax Assessment Act 1997 (the 1997 Act );
If:
(a) immediately before the 1997-98 income year you owned an item that was not trading stock as defined in subsection 6(1) of the Income Tax Assessment Act 1936 as in force at that time; and
(b) at the start of that income year you hold the item as trading stock as defined in section 70-10 of the Income Tax Assessment Act 1997 (the 1997 Act );
section 70-30 of the 1997 Act applies as if you had started to hold the item as trading stock as defined in section 70-10 of the 1997 Act immediately after the start of that income year.
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