INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
View history note
Hide history noteWhere section 159GZZZBG applies to trading stock, then, for the purposes of ascertaining under Subdivision B of Division 2 of Part III the value of the trading stock to be taken into account at the beginning of the changeover year:
(a) the taxpayer may, in accordance with subsection (3), exercise any option, and give any notice, under section 31 in relation to the value of the trading stock at the end of the year of income before the changeover year as if that end of year occurred at the end of 31 December 1990; and
(b) if the taxpayer does not exercise an option under paragraph (a) in relation to particular trading stock, the value to be taken into account in accordance with that paragraph in relation to that trading stock is its cost price. 159GZZZBH(2) [Cost price as basis of valuation]
(a) the taxpayer adopts, under Subdivision B of Division 2 of Part III , cost price as the basis of valuation in relation to any trading stock on hand at the end of the changeover year; and
(b) the value of that trading stock at the beginning of the changeover year was ascertained in accordance with paragraph (1)(a);
then, for the purposes of that Subdivision, the cost price of that trading stock is taken to be equal to the value at which it was taken into account in accordance with paragraph (1)(a).
159GZZZBH(3) [Manner of option or notice]The option or notice referred to in paragraph (1)(a) must:
(a) be exercised or given in writing signed by or on behalf of the taxpayer; and
(b) be delivered to the Commissioner before 1 March 1991 or within such further time as the Commissioner allows.
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