INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 16H - Termination of gold mining exemptions  

Subdivision E - Subdivision B of Division 2  

SECTION 159GZZZBG   31.12.90 ELIGIBLE TRADING STOCK TO BE TAKEN INTO ACCOUNT FOR BEGINNING-OF-CHANGEOVER-YEAR VALUATION PURPOSES  

159GZZZBG(1)   [Taxable income]  

Subject to subsection (2), for the purposes of Subdivision B of Division 2 of Part III , the value of all eligible trading stock of a 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 beginning of the changeover year in ascertaining whether or not the taxpayer has a taxable income for the changeover year.

159GZZZBG(2)   [Exempt income]  

Subsection (1) does not apply 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 the taxpayer for the changeover year.