INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 2 - Income  

Subdivision B - Trading Stock  

SECTION 32   LIVE STOCK OTHER THAN HORSE BREEDING STOCK - VALUE AT END OF YEAR OF INCOME  

32(1A)   [No application 1997/98 income year onwards]  

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:

Section 70-45 (Value of trading stock at end of income year) of the Income Tax Assessment Act 1997 applies to the valuation of live stock at the end of those years of income. Section 70-60 (Valuation of horse breeding stock) of the Income Tax Assessment Act 1997 also applies to the valuation of horse breeding stock at the end of those years.

32(1)   Option as to value.  

Subject to subsections (2) and (3), the value of live stock to be taken into account at the end of the year of income is to be, at the option of the taxpayer:

(a) the cost price of the live stock; or

(b) the market selling value of the live stock.

32(2)   Adoption of other value.  

If the Commissioner is satisfied that there are circumstances which justify the adoption by the taxpayer of some other value, the taxpayer may adopt that other value.

32(3)   Option not exercised - value is cost price.  

If the taxpayer does not exercise the option within the time prescribed, the value of the live stock to be taken into account at the end of the year of income is to be the cost price of the live stock.

32(4)   This section does not apply to horse breeding stock.  

This section does not apply in determining the value of live stock to be taken into account at the end of the year of income if the live stock is horse breeding stock (within the meaning of section 32A ) at the end of the year of income.