Tax and Superannuation Laws Amendment (2016 Measures No. 2) Act 2017 (15 of 2017)

Schedule 4   Miscellaneous amendments

Part 2   Other amendments of principal Acts

Income Tax Assessment Act 1997

60   Section 328-285 (note 2)

Repeal the note, substitute:

Note 2: When making a reasonable estimate of the value of trading stock on hand:

(a) special valuation rules may be used, for example, obsolete stock, natural increase of live stock, horse breeding stock; and

(b) the estimated value disregards an amount equal to the amount of input tax credits (if any) to which you would be entitled for an item if the acquisition of the item had been solely for a creditable purpose: see subsection 70-45(1A).