Commonwealth Numbered Acts

TELECOMMUNICATIONS AND POSTAL SERVICES (TRANSITIONAL PROVISIONS AND CONSEQUENTIAL AMENDMENTS) ACT 1989No. 63, 1989 - SECT 82

82. (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 Telecom's trading stock on hand at that time, Telecom 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 Telecom'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 Telecom does not exercise an option under subsection (1) in relation to
particular trading stock, the value to be taken into account in accordance
with that subsection in relation to that trading stock shall be the cost
price.

(4) If Telecom, 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).