INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2 - Income  

Subdivision B - Trading Stock  

SECTION 33   CHANGES IN BASIS OF VALUATION OF LIVE STOCK  

33(1)   [Leave of Commissioner required]  

A taxpayer shall not, except with the leave of the Commissioner, adopt a basis of valuation of his live stock taken into account at the end of the year of income different from the basis on which the valuation of his live stock was made when it was last taken into account at the end of a previous year, whether under this or the previous Act.

33(2)   [Application ceases]  

This section does not apply to the valuation of live stock at the end of the 1997-98 year of income or at the end of a later year of income.

Note:

For those income years, the Income Tax Assessment Act 1997 does not prevent a change in the basis for valuing your live stock.