Document ID: chunk:federal_register_of_legislation:C2004A04362:front:0:p5
Version: federal_register_of_legislation:C2004A04362
Segment Type: other
Provision Reference: 
Character Range: 11371–13876

Assessment Act.

Value of trading stock for income tax purposes

"83C.(1) For the purpose of ascertaining under Subdivision B of Division 2 of Part III of the Assessment Act the value to be taken into account at the beginning of the year of income commencing on 1 July 1991 in relation to the Authority's trading stock on hand at that time, the Authority may, in accordance with subsection (2), exercise any option, and give any notice, in relation to the value of its trading stock on hand at the end of the preceding year of income.

"(2) The option or notice is to be exercised or given in accordance with the requirements of Subdivision B of Division 2 of Part III of the Assessment Act on or before the day of lodgment of the Authority's return of income for the year of income commencing on 1 July 1991 or before such later day as the Commissioner of Taxation allows.

"(3) If the Authority does not exercise an option under subsection (1) in relation to particular trading stock, the value to be taken into account in accordance with that subsection in relation to that trading stock is to be the cost price.

"(4) If the Authority, under Subdivision B of Division 2 of Part III of the Assessment Act, adopts cost price as the basis of valuation in relation to any of its trading stock on hand at the end of the year of income commencing on 1 July 1991 that was on hand at the end of the preceding year of income, the cost price of that trading stock is to be taken to be equal to the value at which the trading stock was taken into account in accordance with subsection (1).

Accelerated depreciation not available for income tax purposes

"83D. Section 57AL of the Assessment Act, as in force immediately after the commencement of section 38 of the Taxation Laws Amendment Act (No. 4) 1988, does not apply in relation to any unit of property of the Authority.

Transitional provisions for capital gains tax

  "83E.(1) If:

    (a)     the Authority owned an asset at the end of 30 June 1991 ('the changeover time'); and

    (b)     the market value of the asset at the changeover time was greater than the amount that would have been the indexed cost base to the Authority in relation to the asset if the Authority had disposed of the asset at that time;

the following provisions have effect for the purpose of working out under Part IIIA of the Assessment Act whether a capital gain accrues in the event of a subsequent disposal of the asset by it:

    (c)     the Authority is taken to have