Document ID: chunk:federal_register_of_legislation:C2010C00616:clause:1_1:p1
Version: federal_register_of_legislation:C2010C00616
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/3)
Character Range: 5419–7925

1  Section 70‑40 (link note)
Repeal the link note, substitute:

70‑41  Value of trading stock at the start of the 2001‑2002 income year—oysters acquired by using the traditional stick farming method

Application

 (1) This section applies to you if:
 (a) you carry on a business of oyster farming (other than oyster farming carried on in hatcheries); and
 (b) you held oysters that are covered by subsection (2) as trading stock on hand at the start of the 2001‑2002 income year (the relevant stock); and
 (c) some or all of those oysters should have been taken into account, as items of your trading stock on hand, and under Division 70 of the Income Tax Assessment Act 1997, at the end of the 2000‑2001 income year; and
 (d) none of those oysters was so taken into account.

Oysters covered by subsection

 (2) This subsection covers oysters all of which:
 (a) were farmed by you solely for use as food for human consumption; and
 (b) had not yet been harvested at the start of the 2001‑2002 income year; and
 (c) at or before that time, were acquired by you in this manner:
 (i) you placed plastic slats or wooden sticks in the water for the purposes of capturing oyster spat; and
 (ii) the oysters, as spat, attached themselves to those slats or sticks;
  whether or not the oysters were, at the start of the 2001‑2002 income year, still attached to those slats or sticks.

What happens if this section applies to you

 (3) If this section applies to you, subsections (4) to (7) have effect for the purposes of Division 70, and Subdivision 328‑E, of the Income Tax Assessment Act 1997.

General rule

 (4) The value of the relevant stock, as the value of items of your trading stock on hand at the start of the 2001‑2002 income year:
 (a) is not to be worked out under section 70‑40 of the Income Tax Assessment Act 1997; and
 (b) is the amount worked out in accordance with subsection (6).

Special rule for an STS taxpayer

 (5) If you were an STS taxpayer for the 2001‑2002 income year, the value of all your trading stock on hand at the start of that income year:
 (a) is not to be worked out under subsection 328‑295(1) of the Income Tax Assessment Act 1997; and
 (b) is the sum of:
 (i) the value of the relevant stock (worked out in accordance with subsection (6)); and
 (ii) the total value of items of your trading stock on hand at the end of the 2000‑2001 income year that was taken into account under Division 70 of that Act at the end of the 2000‑2001 income year.

Note 1: This means