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

56   Before subsection 36(1)

Insert:

(1A) Subsection (1) applies to a disposal of property only if the disposal takes place before 1 July 1997.

Note: Sections 70-90 (Assessable income on disposal of trading stock outside the ordinary course of business) and 70-95 (Purchase price is taken to be market value) of the Income Tax Assessment Act 1997 deal with a disposal occurring on or after 1 July 1997.