Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 At the end of subsection 36(1)
Add:
Note: If subsection (1) applies to a disposal in the 1997 - 98 year of income of an item that is trading stock, but not trading stock as defined in the Income Tax Assessment Act 1997 , you can deduct the item's value as taken into account at the end of the 1996 - 97 income year under Subdivision B (Trading stock) of Division 2 of Part III of this Act: see subsection 70 - 10(4) of the Income Tax (Transitional Provisions) Act 1997 .
2 After subsection 51(1A)
Insert:
(1B) Subsection (2) does not apply to an assessment for the 1997 - 98 year of income or a later year of income.
Note: Section 70 - 25 (Cost of trading stock is not a capital outgoing) of the Income Tax Assessment Act 1997 applies instead.
3 Before subsection 93(1)
Insert:
(1A) This section does not apply to an assessment for the 1997 - 98 year of income or a later year of income.
Note: Section 70 - 35 of the Income Tax (Transitional Provisions) Act 1997 makes transitional provision for the 1997 - 98 year of income. The Income Tax Assessment Act 1997 provides that partnerships, and not partners, exercise options and rights to select values for live stock for later years of income.
4 After subsection 124AF(1)
Insert:
(1A) A deduction is not allowable under subsection (1) for the 1997 - 98 year of income or any later year of income.
5 Subsection 160ZK(3A)
Repeal the subsection, substitute:
(3A) The reference in paragraph (3)(a) to any part of the consideration, of the costs or of the expenditure that has been allowed or is allowable as a deduction to the partnership in respect of any year of income includes:
(a) an amount that, apart from subsections 124ZB(4) and 124ZG(5), would have been so allowed or allowable under Division 10C or 10D of Part III of this Act; and
(b) an amount that, apart from paragraph 43 - 70(2)(h) of the Income Tax Assessment Act 1997 , would have been so allowed or allowable under Division 43 of that Act.
6 Subparagraph 177C(2)(a)(i)
Omit "or selection", substitute ", selection or choice".
7 Subparagraphs 177C(2)(a)(i) and (ii)
Omit "selection, notice", substitute "selection, choice, notice".
8 Subparagraph 177C(2)(b)(i)
Omit "or selection", substitute ", selection or choice".
9 Subparagraphs 177C(2)(b)(i) and (ii)
Omit "selection, notice", substitute "selection, choice, notice".
10 Paragraph 262A(2)(b)
After "election,", insert "choice,".
11 Subsection 390(1)
After "election", insert ", choice".
12 Subsection 390(1)
After "exercised,", insert "under this Act".
13 Paragraph 577(1)(a)
After "election", insert ", choice".
14 Paragraph 577(1)(a)
After "exercised,", insert "under this Act".
15 Subparagraph 579(b)(i)
Omit "or selection", substitute ", selection or choice".
16 Subparagraph 579(b)(i)
After "exercised,", insert "under this Act".
17 Application
The amendments made by this Schedule (except items 2, 3 and 4) apply to assessments for the 1997 - 98 year of income and later years of income.