Document ID: chunk:federal_register_of_legislation:C2004A02159:body:0:p12
Version: federal_register_of_legislation:C2004A02159
Segment Type: other
Provision Reference: 
Character Range: 26355–28899

the end of the relevant year of income and at the commencement of the next succeeding year of income is—
     (e) in a case to which paragraph (f) does not apply—the value referred to in paragraph (b); or

     (f) if the taxpayer satisfies the Commissioner that, if the taxpayer had not valued the trading stock first referred to in paragraph (d) for the purpose, or for purposes that included the purpose, mentioned in that paragraph, the taxpayer might reasonably be expected to have valued the trading stock of the taxpayer in such a way that the value of the trading stock of the taxpayer to be taken into account at the end of the relevant year of income would be greater than the value of the trading stock referred to in paragraph (b)—that greater value.
(3) In sub-section (2)—
     (a) a reference to trading stock shall be read as not including a reference to live stock; and
     (b) a reference to the valuation of trading stock by a taxpayer shall be read as a reference to the exercise by the taxpayer of an option or options under section 31 of the Income Tax Assessment Act 1936 in relation to the trading stock of the taxpayer.
(4) A reference in sub-section (1) or (2), in relation to a taxpayer, to a loss shall be read as a reference to—
     (a) in a case where the taxpayer is a partnership that is being treated as a taxpayer for the purposes of section 90 of the Income Tax Assessment Act 1936—a partnership loss for the purposes of section 92 of the Income Tax Assessment Act 1936; and
     (b) in any other case—a loss for the purposes of section 80 or 80aa of the Income Tax Assessment Act 1936.
(5) Notwithstanding anything contained in the Income Tax Assessment Act 1936, the Commissioner may amend an assessment for the purpose of giving effect to this section if the amendment is made within 3 years after the date on which the tax became due and payable under the assessment, but nothing in this sub-section limits the power of the Commissioner to amend an assessment in accordance with the provisions of that Act.

Retention allowance
15. (1) Section 105b of the Principal Act is amended by omitting from paragraph (a) "60" and substituting "70".
(2) The amendment made by sub-section (1) applies to assessments in respect of income of the year of income that commenced on 1 July 1978 and in respect of income of all subsequent years of income.

Change in interests in property
16. (1) Section 122r of the Principal Act is amended—
     (a) by omitting "Where, for any reason" and substituting "Subject to this