Income Tax Assessment Act 1997

Pt 2-25 inserted by No 121 of 1997.

Div 70 inserted by No 121 of 1997.

S 70-70 repealed by No 114 of 2010, s 3 and Sch 1 item 47, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. S 70-70 formerly read:

SECTION 70-70 Valuing interests in FIFs  
70-70(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 .

70-70(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.

70-70(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.

S 70-70 inserted by No 121 of 1997.