INCOME TAX ASSESSMENT ACT 1997 - SECT 70.40 Value of trading stock at start of income year

INCOME TAX ASSESSMENT ACT 1997 - SECT 70.40

  (1)   The value of an item of * trading stock on hand at the start of an income year is the same amount at which it was taken into account under this Division or Subdivision   328 - E (about trading stock for small business entities) at the end of the last income year.

  (2)   The value of the item is a nil amount if the item was not taken into account under this Division or Subdivision   328 - E (about trading stock for small business entities) at the end of the last income year.