A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 3 Income Tax Assessment Act 1997
Part 1 General
35 After subsection 70-45(1)
(1A) In working out the *cost, market selling value or replacement value of an item of *trading stock (other than an item the *supply of which cannot be a *taxable supply) at the end of an income year, disregard an amount equal to the amount of the *input tax credit (if any) to which you would be entitled if:
(a) you had *acquired the item at that time; and
(b) the acquisition had been solely for a *creditable purpose; and
Note: Some assets, such as shares, cannot be the subject of a taxable supply.