Section EB 21 — Income Tax Act 2007: Market selling value for low-turnover traders

EB 21 Market selling value for low-turnover traders Valuation at market selling value (1) A low-turnover trader may determine the value of their closing stock at its market selling value, whether that value is higher or lower than cost. However, if the value is higher than cost, the trader must be consistent from 1 income year to the next in their use of market selling value to determine the value of closing stock. Establishing market selling value (2) Section EB 11(2) to (4) applies to a low-turnover trader. Defined in this Act: closing stock , cost , income year , low-turnover trader , Compare: 2004 No 35 s EB 21