INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)
If:
(a) Division 820 of the Income Tax Assessment Act 1997 applies to an entity for a period that is all or a part of an income year; and
(b) that income year begins before 1 July 2002 and ends before 30 June 2003;
the entity may, for the purposes of that application, choose to use the value of a particular matter as at the end of that period as if it were the average value of that matter for that period.
Note:
This means that the entity may, for that period, apply subsection (1) instead of calculating an average value in accordance with Subdivision 820-G of the Income Tax Assessment Act 1997 .
820-25(2)
However, an entity making that choice must apply subsection (1) throughout that period for every matter for which an average value is required to be calculated for the purposes of that Division's application to that entity.
820-25(3)
This section alters the effect of that Division accordingly.
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