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 328-285 amended by No 92 of 2020, s 3 and Sch 3 items 34 and 35, by inserting " (1) " before " You can " and " , or an entity covered by subsection (2), " in para (a), effective 1 January 2021 and applicable in relation to income years starting on or after 1 July 2021.

S 328-285(2) inserted by No 92 of 2020, s 3 and Sch 3 item 36, effective 1 January 2021 and applicable in relation to income years starting on or after 1 July 2021.

S 328-285 amended by No 15 of 2017, s 3 and Sch 4 item 60, by substituting note 2, effective 1 April 2017. Note 2 formerly read:

Note 2:

When making a reasonable estimate of the value of trading stock on hand:

• special valuation rules may be used, for example, obsolete stock, natural increase of livestock, horse breeding stock; and

• the estimated value disregards an amount equal to the amount of input tax credits (if any) to which you would be entitled for an item if the acquisition of the item had been solely for a creditable purpose: see subsection 70-45(1A).

S 328-285(1) amended by No 80 of 2007 , s 3 and Sch 3 items 75 to 78, by renumbering it as s 328-285, substituting " You can choose not to account " for " You do not have to account " , substituting " a *small business entity " for " an *STS taxpayer " in para (a) and inserting note 3, applicable in relation to the 2007-08 income year and later income years.

Former s 328-285(2) repealed by No 80 of 2007 , s 3 and Sch 3 item 79, applicable in relation to the 2007-08 income year and later income years. S 328-285(2) formerly read:

Exception: choice to account for trading stock

328-285(2)
However, you can choose to account for changes in the ^* value of your ^* trading stock for an income year.

Note:

If you make this choice, you will have to do a stocktake and account for the change in the value of all your trading stock: see Subdivision 70-C .

S 328-285 inserted by No 78 of 2001.