Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:5_1:p5
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 5 cl 1 (pt 5/5)
Character Range: 556722–557846

(and not the rules in Subdivision 70‑C of the Income Tax Assessment Act 1997) if:
 (a) that section affects an assessment for the 1996-97 year of income under the Income Tax Assessment Act 1936; and
 (b) an election is made under subsection (3) or (4) of that section to value the item at an amount other than its market value.

Note: Section 70‑105 of the Income Tax Assessment Act 1997 may affect an assessment for the 1996‑97 income year if an entity on which the item devolves has a 1996‑97 income year ending on or after 1 July 1997.

[The next section is section 70‑115.]

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

  Section 70-115 (Compensation for lost trading stock) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997-98 income year or a later income year by way of insurance or indemnity for a loss of trading stock, even if the loss occurred earlier. However, that section does not apply to an amount that is assessable income for an income year before the 1997‑98 income year.