Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 10   Technical corrections and amendments

Part 1   Technical corrections and amendments commencing on Royal Assent

Income Tax Assessment Act 1997

220   Subsection 995-1(1)

Insert:

value :

(a) the value of the liabilities of a *life insurance company under the *risk components of *life insurance policies means the value worked out under section 320-85; and

(b) the value of an item of *trading stock has the meaning given by Subdivision 70-C; and

Note 1: For the value of trading stock at the start of the 1997-98 income year, see section 70-40 of the Income Tax (Transitional Provisions) Act 1997.

Note 2: For the value of oysters acquired by using the traditional stick farming method and held as trading stock at the start of the 2001-2002 income year, see section 70-41 of the Income Tax (Transitional Provisions) Act 1997.

(c) the value of the *business *supplies of an entity has the meaning given by subsection 960-345(2).