S 70-35 repealed by No 101 of 2006, s 3 and Sch 3 item 20, effective 1 January 2008. S 70-35 formerly read:
SECTION 70-35 Transitional provision for partnerships with live stock
70-35(1)
This section affects the calculation of a partner
'
s share in a partnership
'
s net income or partnership loss for the 1997-98 income year if the partnership has live stock that is trading stock on hand at the start of that income year.
70-35(2)
Calculate the amount of each partner
'
s share as if the net income or partnership loss were worked out using:
(a)
the value of the live stock at the start of the 1997-98 income year worked out under subsection
70-40(1)
on the basis of its value taken into account at the end of the 1996-97 income year for the purposes of working out
that partner
'
s
share of the partnership
'
s net income or partnership loss for the 1996-97 income year; and
(b)
the value of the live stock at the end of the 1997-98 income year elected by the partnership (and not the partner) under Subdivision
70-C
of the
Income Tax Assessment Act 1997
.
Note 1:
The value of the live stock at the end of the 1996-97 income year depended on the choices made by the partner, not the partnership. (See section
93
of the
Income Tax Assessment Act 1936
, which does not apply to assessments for the 1997-98 income year.)
Note 2:
Choices made by the partnership under Division
385
of the
Income Tax Assessment Act 1997
may affect the value of the live stock under Subdivision
70-C
of that Act.
S 70-35 inserted by No 16 of 1998.
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