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
60 Before subsection 36AA(1)
Insert:
(1AA) This section does not apply to a disposal or death of live stock on or after 1 July 1997.
Note: Subdivision 385-E (Primary producer can elect to spread or defer tax on profit from forced disposal or death of live stock) of the Income Tax Assessment Act 1997 deals with such a disposal or death.
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