Document ID: chunk:federal_register_of_legislation:C2004A02157:body:0:p6
Version: federal_register_of_legislation:C2004A02157
Segment Type: other
Provision Reference: 
Character Range: 12009–14442

incurred a loss in the relevant year of income or would be deemed to have incurred a loss in the relevant year of income of an amount less than the amount of the loss referred to in paragraph (b); and
     (d) some or all of the trading stock was valued by the taxpayer in the way in which it was valued by the taxpayer for the purpose, or for purposes that included the purpose, of wholly or partly preventing the operation of section 3 or 4 of this Act in relation to the taxpayer or, if the taxpayer is a partnership, in relation to a partner or partners in the partnership, by securing that the taxpayer would not be deemed to have incurred a loss in the relevant year of income or would be deemed to have incurred a loss in the relevant year of income of an amount less than the amount of the loss that the taxpayer would be deemed to have incurred in the relevant year of income if the trading stock of the taxpayer had been valued by the taxpayer at a lesser value,
then, notwithstanding anything contained in the Income Tax-Assessment Act 1936, the value of the trading stock of the taxpayer to be taken into account at the end of the relevant year of income and at the commencement of the next succeeding year of income is—
     (e) in a case to which paragraph (f) does not apply—the value referred to in paragraph (b); or
     (f) if the taxpayer satisfies the Commissioner that, if the taxpayer had not valued the trading stock first referred to in paragraph (d) for the purpose, or for purposes that included the purpose, mentioned in that paragraph, the taxpayer might reasonably be expected to have valued the trading stock of the taxpayer in such a way that the value of the trading stock of the taxpayer to be taken into account at the end of the relevant year of income would be greater than the value of the trading stock referred to in paragraph (b)—that greater value.
     (3) In sub-section (2)—
     (a) a reference to trading stock shall be read as not including a reference to live stock; and
     (b) a reference to the valuation of trading stock by a taxpayer shall be read as a reference to the exercise by the taxpayer of an option or options under section 31 of the Income Tax Assessment Act 1936 in relation to the trading stock of the taxpayer.
(4) A reference in sub-section (1) or (2), in relation to a taxpayer, to a loss shall be read as a reference to—
     (a) in a case where the taxpayer is a