Taxation Ruling

TR 93/29A1 - Addendum

Income tax : motor vehicle dealers : valuation of stock on hand : motor vehicles traded in

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Addendum

This Addendum amends Taxation Ruling TR 93/29 to reflect the changes to the law caused by the repeal of inoperative provisions.

Taxation Ruling TR 93/29 is amended as follows:

1. Paragraph 1

Omit:

subsection 31(1) of the Income Tax Assessment Act 1936

Substitute:

section 70-45 of Income Tax Assessment Act 1997 (ITAA 1997)

2. Paragraph 2

(a)

Omit:

subsection 31(1)

Substitute:

section 70-45 of the ITAA 1997

(b)

Omit:

cost price

Substitute:

cost

(c)

Omit

the price at which it can be replaced

Substitute

replacement value

3. Paragraph 3

(a)

In heading, omit:

Cost price

Substitute:

Cost

(b)

In text, omit:

cost price

Substitute:

cost

4. Paragraph 5

In heading, omit:

Replacement price

Substitute

Replacement value

5. Paragraphs 5 and 7

Omit wherever occurring:

replacement price

Substitute

replacement value

6. Paragraph 9

(a)

In heading, omit:

Cost price

Substitute:

Cost

(b)

Omit:

subsection 31(1)

Substitute:

section 70-45 of the ITAA 1997

7. Paragraph 10

(a)

In heading, omit

Replacement price

Substitute:

Replacement value

(b)

Omit

replacement price

Substitute

replacement value

8. Paragraph 12

(a)

Omit wherever occurring:

replacement price

Substitute:

replacement value

(b)

Omit:

subsection 31(1)

Substitute:

section 70-45 of the ITAA 1997

9. Legislative references

Omit:

ITAA 31(1)

Substitute:

ITAA 1997 70-45

This Addendum applies on and from 1 July 1997.

Commissioner of Taxation
17 August 2011

References

ATO references:
NO 1-1V8W456