Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-25 - TRADING STOCK  

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History

Pt 2-25 inserted by No 121 of 1997.

Division 70 - Trading stock  

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Div 70 inserted by No 121 of 1997.

Subdivision 70-C - Accounting for trading stock you hold at the start or end of the income year  

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General rules

SECTION 70-35   You include the value of your trading stock in working out your assessable income and deductions  

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70-35(1)    
If you carry on a *business, you compare:

(a) the *value of all your *trading stock on hand at the start of the income year; and

(b) the *value of all your trading stock on hand at the end of the income year.

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Note:

You may not need to do this stocktaking if you are a small business entity: see Division 328 .

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History

S 70-35(1) amended by No 12 of 2012, s 3 and Sch 6 item 38, by substituting " trading stock " for " *trading stock " in para (b), effective 21 March 2012.

S 70-35(1) amended by No 80 of 2007 , s 3 and Sch 3 item 150, by substituting " a small business entity " for " an STS taxpayer " in the note, applicable in relation to the 2007-08 income year and later income years.

S 70-35(1) amended by No 78 of 2001.

70-35(2)    
Your assessable income includes any excess of the *value at the end of the income year over the value at the start of the income year.

70-35(3)    
On the other hand, you can deduct any excess of the *value at the start of the income year over the value at the end of the income year.

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History

S 70-35 inserted by No 121 of 1997.

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