Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 6   Treatment of payments made under firearms surrender arrangements

Part 1   Amendment of the Income Tax Assessment Act 1936

3   After subsection 51(2A)

Insert:

(2B) Where a taxpayer derives assessable income as a result of the surrender of an item of trading stock under firearms surrender arrangements, the excess, if any, of the amount of that income over the acquisition cost is an allowable deduction in the year of income in which that income is derived.

Note: Firearms surrender arrangements has the meaning given by subsection 6(1).