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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.

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