Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:5_1:p1
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 5 cl 1 (pt 1/5)
Character Range: 546649–550042

1  At the end of Chapter 2
Add:

Part 2-25—Trading stock

[The next Division is Division 70.]

Division 70—Trading stock

Table of sections

70‑1 Application of Division 70 of the Income Tax Assessment Act 1997
70-5 Treatment of items that become trading stock because of the change of definition
70-10 Accounting for your disposal of items that stop being trading stock because of the change of definition
70‑20 Application of section 70-20 of the Income Tax Assessment Act 1997 to trading stock bought on or after 1 July 1997
70-40 Value of trading stock at the start of the 1997-98 income year
70‑55 Cost of live stock acquired by natural increase
70-70 Valuing interests in FIFs on hand at the start of 1991-92
70‑90 Application of sections 70-90 and 70-95 of the Income Tax Assessment Act 1997 to disposals of trading stock outside the ordinary course of business
70‑100 Application of section 70-100 of the Income Tax Assessment Act 1997 to disposals of trading stock outside ordinary course of business
70‑105 Application of section 70-105 of the Income Tax Assessment Act 1997 to deaths on or after 1 July 1997
70‑115 Application of section 70-115 of the Income Tax Assessment Act 1997 to insurance and indemnity payments in 1997-98 and later income years

70‑1  Application of Division 70 of the Income Tax Assessment Act 1997

 (1) Division 70 (Trading stock) of the Income Tax Assessment Act 1997 applies to assessments for the 1997-98 income year and later income years. (It applies to assessments for the 1997-98 income year as if the value of trading stock on hand at the start of that year were the value specified in section 70‑40 of this Act.)

 (2) However, the sections of that Division listed in the table apply in accordance with the corresponding sections of this Act.

Application provisions for specific sections
                                              This section of the Income Tax Assessment Act 1997 ...  Applies as described in this provision of this Act ...

Item
  1                                           70‑20                                                   70‑20
  2                                           70‑55                                                   70‑55(1)
  3                                           70‑70                                                   70‑70
  4                                           70‑90                                                   70‑90
  5                                           70‑95                                                   70‑90
  6                                           70‑100                                                  70‑100
  7                                           70‑105                                                  70‑105
  8                                           70‑115                                                  70‑115

70‑5  Treatment of items that become trading stock because of the change of definition

  If:
 (a) immediately before the 1997-98 income year you owned an item that was not trading stock as defined in subsection 6(1) of the Income Tax Assessment Act 1936 as in force at that time; and
 (b) at the start of that income year you hold the item as trading stock as defined in section 70‑10 of the Income Tax Assessment Act 1997 (the 1997 Act);
section 70-30 of the 1997 Act applies as if you had started to hold the item