Income Tax Assessment Act 1997
Pt 2-25 inserted by No 121 of 1997.
Div 70 inserted by No 121 of 1997.
SECTION 70-40 Value of trading stock at start of income year 70-40(1)
The value of an item of *trading stock on hand at the start of an income year is the same amount at which it was taken into account under this Division or Subdivision 328-E (about trading stock for small business entities) at the end of the last income year.
S 70-40(1) amended by No 80 of 2007 , s 3 and Sch 3 item 151, by substituting " small business entities " for " STS taxpayers " , applicable in relation to the 2007-08 income year and later income years.
S 70-40(1) amended by No 78 of 2001.
70-40(2)
The value of the item is a nil amount if the item was not taken into account under this Division or Subdivision 328-E (about trading stock for small business entities) at the end of the last income year.
Archived:
S 70-40(2) (notes 1 and 2) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 232, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .
S 70-40(2) amended by No 80 of 2007 , s 3 and Sch 3 item 151, by substituting " small business entities " for " STS taxpayers " , applicable in relation to the 2007-08 income year and later income years.
S 70-40(2) amended by No 119 of 2002 and No 78 of 2001.
S 70-40 inserted by No 121 of 1997.
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