Section EB 13 — Income Tax Act 2007: Low-turnover valuation

EB 13 Low-turnover valuation Options (1) A person who is a low-turnover trader may value closing stock— (a) by a standard valuation method, as described in sections EB 6 to EB 12 ; or (b) by a low-turnover valuation method, as described in sections EB 14 to EB 22 ; or (c) as low value trading stock, in the circumstances described in section EB 23 . Meaning of low-turnover trader (2) In this subpart, low-turnover trader means a person who carries on a business when, in an income year, the total of the turnover of the business and the turnover of associated persons, as defined in sections YB 2 and YB 3 (which contain definitions of associated persons), is no more than the greater of— (a) $3,000,000; and (b) the sum specified by the Governor-General by Order in Council. Increase in specified sum (3) The Governor-General may make an Order in Council increasing the sum specified in subsection (2)(a). Defined in this Act: associated person , business , closing stock , income year , low-turnover trader , turnover , Compare: 2004 No 35 s EB 13 Section EB 13(2): amended, on 1 April 2010 (applying for the 2010–11 and later income years), by section 113(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).