33WValue of trading stock for income tax purposes

#### 33W Value of trading stock for income tax purposes (1) For the purpose of ascertaining under Subdivision B of Division 2 of Part III of the Assessment Act the value of the receiving subsidiary’s trading stock on hand at the beginning of the year of income in which the re‑organisation day occurs: (a) the receiving subsidiary is taken to have opted for market selling price; and (b) the market selling price of petroleum transferred to the receiving subsidiary is taken to be the Authority’s market selling price of the petroleum assuming the petroleum were not transferred. (2) Unless the contrary intention appears, expressions used in this section, and in Subdivision B of Division 2 of Part III of the Assessment Act, have the same respective meanings as in that Subdivision.