Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)
Schedule 3 STS taxpayers
Part 1 Main amendments
Income Tax Assessment Act 1997
78 At the end of subsection 328-285(1)
Add:
Note 3: If you choose to account for changes in the value of your trading stock for an income year, you will have to do a stocktake and account for the change in the value of all your trading stock: see Subdivision 70-C.
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