Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:7_2:p2
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 7 cl 2 (pt 2/2)
Character Range: 112921–113395

item's value was 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;
you can deduct for the income year of the disposal the item's value as so taken into account.

Note: This deduction offsets the effect of the item's value not having been taken into account under Subdivision 70‑C of the Income Tax Assessment Act 1997 at the start of the income year of the disposal.