Income Tax Assessment Act 1997
If you carry on a *business, you compare:
(a) the *value of all your *trading stock on hand at the start of the income year; and
(b) the *value of all your trading stock on hand at the end of the income year.
You may not need to do this stocktaking if you are a small business entity: see Division 328 .
Your assessable income includes any excess of the *value at the end of the income year over the value at the start of the income year. 70-35(3)
On the other hand, you can deduct any excess of the *value at the start of the income year over the value at the end of the income year.
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