Income Tax (Transitional Provisions) Act 1997

Pt 2-25 inserted by No 121 of 1997.

Div 70 inserted by No 121 of 1997.

S 70-40 repealed by No 101 of 2006, s 3 and Sch 3 item 20, effective 1 January 2008. S 70-40 formerly read:

SECTION 70-40 Value of trading stock at the start of the 1997-98 income year  
70-40(1)
The value of an item of trading stock on hand at the start of the 1997-98 income year is its value as taken into account at the end of the 1996-97 income year under Subdivision B (Trading stock) of Division 2 of Part III of the Income Tax Assessment Act 1936 .

70-40(2)
The value of the item is a nil amount if the item was not taken into account as described in subsection (1).

S 70-40 inserted by No 121 of 1997.