INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART III
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LIABILITY TO TAXATION
Division 16H
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Termination of gold mining exemptions
Subdivision E
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Subdivision B of Division 2
SECTION 159GZZZBI
159GZZZBI
31.12.90 ELIGIBLE TRADING STOCK TO BE TAKEN INTO ACCOUNT FOR END-OF-CHANGEOVER-YEAR VALUATION PURPOSES IN DETERMINING EXEMPT INCOME
For the purposes of applying Subdivision B of Division 2 of Part III in determining the exempt income, or expenses incurred in deriving the exempt income, of a taxpayer for the changeover year:
(a) the value of all eligible trading stock of the taxpayer on hand at the end of 31 December 1990, and of no other eligible trading stock of the taxpayer, is to be taken into account under section 28 as trading stock of the taxpayer on hand at the end of the changeover year; and
(b) that value is taken to be the same as is ascertained in accordance with paragraph 159GZZZBH(1)(a) .
View history note
Hide history noteFor the purposes of applying Subdivision B of Division 2 of Part III in determining the exempt income, or expenses incurred in deriving the exempt income, of a taxpayer for the changeover year:
(a) the value of all eligible trading stock of the taxpayer on hand at the end of 31 December 1990, and of no other eligible trading stock of the taxpayer, is to be taken into account under section 28 as trading stock of the taxpayer on hand at the end of the changeover year; and
(b) that value is taken to be the same as is ascertained in accordance with paragraph 159GZZZBH(1)(a) .
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