Tax Law Improvement Act 1997 (121 of 1997)

Schedule 5   Trading stock (and some related matters)

Part 3   Consequential amendment of the Income Tax Assessment Act 1936

55   Before subsection 34(1)

Insert:

(1A) This section does not apply to animals acquired by natural increase in the 1997-98 year of income or a later year of income.

Note: Section 70-55 (Working out the cost of natural increase of live stock) of the Income Tax Assessment Act 1997 applies to live stock acquired by natural increase in those years of income.