INCOME TAX ASSESSMENT ACT 1997 - SECT 70.50 Valuation if trading stock obsolete etc.
INCOME TAX ASSESSMENT ACT 1997 - SECT 70.50
Valuation if trading stock obsolete etc.You may elect to value an item of your * trading stock below all the values in section 70 - 45 if:
(a) that is warranted because of obsolescence or any other special circumstances relating to that item; and
(b) the value you elect is reasonable.