Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:5_1:p3
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 5 cl 1 (pt 3/5)
Character Range: 552143–554659

trading stock on hand at the start of the 1997-98 income year is its value as taken into account at the end of the 1996-97 income year under Subdivision B (Trading stock) of Division 2 of Part III of the Income Tax Assessment Act 1936.

 (2) The value of the item is a nil amount if the item was not taken into account as described in subsection (1).

[The next section is section 70‑55.]

70‑55  Cost of live stock acquired by natural increase

 (1) Section 70‑55 of the Income Tax Assessment Act 1997 applies to animals acquired by natural increase in or after the 1997-98 income year.

 (2) For the purposes of Subdivision 70‑C of the Income Tax Assessment Act 1997, the cost of an animal acquired by natural increase before the 1997-98 income year is the cost price of the animal under section 34 of the Income Tax Assessment Act 1936.

[The next section is section 70‑70.]

70-70  Valuing interests in FIFs on hand at the start of 1991-92

 (1) If:
 (a) an interest in a FIF was an item of your trading stock on hand at the start of the 1991-92 income year; and
 (b) that interest was also an item of your trading stock on hand at the end of the 1997-98 income year or a later income year;
the value of the item at the end of the 1997-98 or later income year is the value of the item as taken into account under Subdivision B (Trading stock) of Division 2 of Part III of the Income Tax Assessment Act 1936 at the start of the 1991-92 income year.

 (2) This section has effect despite section 70-45 (the general rule about how to value your trading stock at the end of the income year) of the Income Tax Assessment Act 1997, but subject to subsection 70-70(2) (which allows you to elect to value all your interests in FIFs at their market value instead) of that Act.

Effect of election under subsection 31(5) of the Income Tax Assessment Act 1936 on valuation of interests in FIFs

 (3) If you made an election under subsection 31(5) of the Income Tax Assessment Act 1936 (to value all your interests in FIFs at market value), subsection 70-70(2) of the Income Tax Assessment Act 1997 applies to your interests in FIFs as if you had made an election under subsection 70‑70(2).

[The next section is section 70‑90.]

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

  Sections 70-90 (Assessable income on disposal of trading stock outside the ordinary course of business) and 70-95 (Purchase price