Income Tax Assessment Act 1997

Div 328 (heading) substituted by No 80 of 2007 , s 3 and Sch 3 item 1, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Division 328 - STS taxpayers

Div 328 inserted by No 78 of 2001.

Subdiv 328-E heading amended by No 92 of 2020, s 3 and Sch 3 item 30, by substituting " small and medium business entities " for " small business entities " , effective 1 January 2021 and applicable in relation to income years starting on or after 1 July 2021.

Subdiv 328-E heading substituted by No 80 of 2007 , s 3 and Sch 3 item 71, applicable in relation to the 2007-08 income year and later income years. The heading formerly read:

Subdivision 328-E - Trading stock for STS taxpayers

Subdiv 328-E inserted by No 78 of 2001.

S 328-290 repealed by No 80 of 2007 , s 3 and Sch 3 item 80, applicable in relation to the 2007-08 income year and later income years. S 328-290 formerly read:

SECTION 328-290 Adjustments in certain cases  
328-290
If you are an ^* STS taxpayer for an income year and you account for changes in the ^* value of your ^* trading stock for the income year, you must:

(a) value each item of your trading stock on hand at the end of the income year in accordance with section 70-45 ; and

(b) take into account the ^* value of all your ^* trading stock, in accordance with section 70-35 , in working out your assessable income and deductions.

Note 1:

You account for changes in the value of your trading stock for the income year if:

• you choose to do so; or

• the estimated difference between the value of your trading stock at the start and at the end of that year is more than $5,000.

Note 2:

Section 70-35 includes in assessable income any excess of the value of trading stock at the end of the income year over the value at the start of the income year, and allows a deduction for any excess of the value at the start of the income year over the value at the end of the income year.

S 328-290 inserted by No 78 of 2001.