Application of section 70‑105 of the Income Tax Assessment Act 1997 to deaths on or after 1 July 1997
70-105 Application of section 70‑105 of the Income Tax Assessment Act 1997 to deaths on or after 1 July 1997
Section 70‑105 (Death of owner) of the Income Tax Assessment Act 1997 applies to trading stock that devolves as a result of a person dying on or after 1 July 1997.
Transitional provision if that section affects an assessment for 1996‑97
The value of an item to which subsection (3) or (4) of that section applies is to be worked out using the rules in the Income Tax Assessment Act 1936 (and not the rules in Subdivision 70‑C of the Income Tax Assessment Act 1997) if:
that section affects an assessment for the 1996‑97 year of income under the Income Tax Assessment Act 1936; and
an election is made under subsection (3) or (4) of that section to value the item at an amount other than its market value.
Section 70‑105 of the Income Tax Assessment Act 1997 may affect an assessment for the 1996‑97 income year if an entity on which the item devolves has a 1996‑97 income year ending on or after 1 July 1997.
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