Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 70.40

Value of trading stock at start of income year

             (1)  The value of an item of * trading stock on hand at the start of an income year is the same amount at which it was taken into account under this Division or Subdivision 328-E (about trading stock for small business entities) at the end of the last income year.

             (2)  The value of the item is a nil amount if the item was not taken into account under this Division or Subdivision 328-E (about trading stock for small business entities) at the end of the last income year.



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