INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
This section does not apply to an assessment for the 1997-98 year of income or a later year of income.
Section 70-35 of the Income Tax (Transitional Provisions) Act 1997 makes transitional provision for the 1997-98 year of income. The Income Tax Assessment Act 1997 provides that partnerships, and not partners, exercise options and rights to select values for live stock for later years of income.
In calculating the net income of a partnership or a partnership loss for the purpose of assessing any partner's share, the partnership shall be deemed to have exercised or failed to exercise all options and rights to select a value for live stock under this Act in the same manner as the partner has in fact exercised or failed to exercise those options and rights, and the partnership shall not, as a partnership, be entitled to exercise any such option or right.93(2) [Entry into or variation in partnership]
(a) affect any option or any right to select a value for live stock previously exercised by him under this Act; or
(b) confer upon him any right to alter any such option or value without the leave of the Commissioner. 93(3) [Formation before commencement of Act]
Where, in respect of a partnership formed before the commencement of this Act, a basis of valuation of live stock of the partnership had, before that commencement, been accepted by the Commissioner for the purposes of the previous Act, nothing in this section shall be deemed to vary, or require the variation of, that basis of valuation unless or until there is an alteration in the membership of that partnership.