Document ID: chunk:federal_register_of_legislation:C2010C00616:clause:1_1:p2
Version: federal_register_of_legislation:C2010C00616
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 2/3)
Character Range: 7722–10282

value of items of your trading stock on hand at the end of the 2000‑2001 income year that was taken into account under Division 70 of that Act at the end of the 2000‑2001 income year.

Note 1: This means that, if no value was taken into account as mentioned in subparagraph (b)(ii), the value of all your trading stock on hand at the start of the 2001‑2002 income year is the value of the relevant stock.

Note 2: The total value mentioned in subparagraph (b)(ii) would not include the value of any oysters that were items of the relevant stock (see paragraph (1)(d) and subsection (3)).

Value of the relevant stock

 (6) The value of the relevant stock is the amount worked out in accordance with the following method statement:

      Method statement
           Step 1. Work out the total number of plastic slats that were used to acquire any items of the relevant stock (see subsection (7)), where each of the slats was approximately 1 metre long.
           Step 2. Add to the result of step 1 the number of times by which any of those slats were reused, after being used to acquire any items of the relevant stock for the first time, to acquire other items of the relevant stock.
           Step 3. Multiply the result of step 2 by 50 cents.
           Step 4. Work out the total number of wooden sticks, and plastic slats, that were used to acquire any items of the relevant stock, where each of the plastic slats was approximately 2 metres long.
           Step 5. Add to the result of step 4 the number of times by which any of the sticks or slats covered by step 4 were reused, after being used to acquire any items of the relevant stock for the first time, to acquire other items of the relevant stock.
           Step 6. Multiply the result of step 5 by $1.
           Step 7. Add the results of steps 3 and 6. The result of this step is the value of the relevant stock.

Slats and sticks used to acquire items of relevant stock

 (7) For the purposes of subsection (6), a plastic slat or wooden stick is taken to have been used to acquire items of the relevant stock if it was used in the manner described in paragraph (2)(c) to capture oysters, as spat, that were items of the relevant stock.

Certain provisions are not affected

 (8) This section does not affect the operation of any of the following provisions:
 (a) section 102AAY of the Income Tax Assessment Act 1936 (modified application of trading stock provisions for certain non‑resident trust estates);
 (b) section 397 of that Act (modified application of trading stock provisions