66Value of trading stock for income tax purposes

66 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 Income Tax Assessment Act 1936 the value to be taken into account at the beginning of the year of income commencing on 1 July 1990 in relation to Australia Post’s trading stock on hand at that time, Australia Post may, in accordance with subsection (2), exercise any option, and give any notice, in relation to the value of its trading stock on hand at the end of the preceding year of income. (2) The option or notice: (a) shall be exercised or given in writing to the Commissioner of Taxation; and (b) shall be lodged with the Commissioner of Taxation on or before the day of lodgment of Australia Post’s return of income for the year of income commencing on 1 July 1990, or before such later day as the Commissioner of Taxation allows. (3) If Australia Post does not exercise an option under subsection (1) in relation to particular trading stock, the value to be taken into account in accordance with the subsection in relation to that trading stock shall be the cost price. (4) If Australia Post, under Subdivision B of Division 2 of Part III of the Income Tax Assessment Act 1936, adopts cost price as the basis of valuation in relation to any of its trading stock on hand at the end of the year of income commencing on 1 July 1990 that was on hand at the end of the preceding year of income, the cost price of that trading stock shall be taken to be equal to the value at which the trading stock was taken into account in accordance with subsection (1).