Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 70.35

  (1)   If you carry on a * business, you compare:

  (a)   the * value of all your * trading stock on hand at the start of the income year; and

  (b)   the * value of all your trading stock on hand at the end of the income year.

Note:   You may not need to do this stocktaking if you are a small business entity: see Division   328.

  (2)   Your assessable income includes any excess of the * value at the end of the income year over the value at the start of the income year.

  (3)   On the other hand, you can deduct any excess of the * value at the start of the income year over the value at the end of the income year.