Document ID: chunk:federal_register_of_legislation:C2004C00927:clause:1_13:p7
Version: federal_register_of_legislation:C2004C00927
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 7/13)
Character Range: 395856–398493

of the income year—its *value as *trading stock at the start of the income year; or
 (b) otherwise—the horse's base amount (see subsection (3)).

 (2) The horse reduction amount is worked out as follows:
 (a) for female horses under 12 years of age:

 (b) for any male horse:

 (3) In this section:

base amount is the lesser of:
 (a) the horse's *cost; and
 (b) the horse's *undeducted cost when it most recently became your *live stock.

breeding days is the number of whole days in the income year since you most recently began to hold the horse for breeding.

nominated percentage is any percentage, up to 25%, you nominate when you make the election in section 70‑60.

reduction factor is the greater of:
 (a) 3; and
 (b) the difference between 12 and the horse's age when you most recently began to hold it for breeding.

70-70  Valuing interests in FIFs

 (1) You must value at its cost an item of your *trading stock that is an interest in a *foreign investment fund (a *FIF).

Note: For special rules about valuing an interest in a FIF that was an item of your trading stock on hand at the start of the 1991-92 income year, see section 70-70 of the Income Tax (Transitional Provisions) Act 1997.

 (2) However, you may elect to value all your interests in *FIFs at their market value instead. If you make this election, then for the income year of the election, and for all later income years, you must value at their market value all your interests in FIFs.

 (3) You can only make this election before you lodge your *income tax return for the first income year in which a *notional accounting period of any *FIF you have an interest in ends.

Subdivision 70-D—Assessable income arising from disposals of trading stock and certain other assets

Guide to Subdivision 70-D

70-75  What this Subdivision is about

      Your assessable income includes the market value of an item of trading stock if you dispose of it outside the ordinary course of business or it ceases to be trading stock in certain other circumstances.
      This Subdivision treats certain other assets in the same way as trading stock.

Table of sections

70-80 Why the rules in this Subdivision are necessary

Operative provisions

70-85 Application of this Subdivision to certain other assets
70-90 Assessable income on disposal of trading stock outside the ordinary course of business
70-95 Purchase price is taken to be market value
70-100 Notional disposal when you stop holding an item as trading stock
70-105 Death of owner
70-110 You stop holding an item as trading stock but still own it
70-115 Compensation for lost trading stock

70-80  Why