Income Tax Assessment Act 1997
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
Subdivision 70-C
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Accounting for trading stock you hold at the start or end of the income year
Special valuation rules
SECTION 70-50 70-50 Valuation if trading stock obsolete etc.
You may elect to value an item of your *trading stock below all the values in section 70-45 if:
(a) that is warranted because of obsolescence or any other special circumstances relating to that item; and
(b) the value you elect is reasonable.
View history note
Hide history noteSECTION 70-50 70-50 Valuation if trading stock obsolete etc.
You may elect to value an item of your *trading stock below all the values in section 70-45 if:
(a) that is warranted because of obsolescence or any other special circumstances relating to that item; and
(b) the value you elect is reasonable.
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