S 820-985 repealed by No 65 of 2019, s 3 and Sch 1 item 16, effective 1 October 2019. For application and transitional provisions, see note under s
820-680(2)
. S 820-985 formerly read:
SECTION 820-985 Methodology of revaluation and independence of valuer
820-985(1)
An entity must keep records under this section for a revaluation of assets mentioned in subsection 820-680(2) (except a revaluation that need not comply with that subsection because of subsection 820-680(2A)) or 820-684(2).
History
S 820-985(1) amended by No 145 of 2008, s 3 and Sch 2 item 7, by inserting
"
or 820-684(2)
"
after
"
820-680(2A))
"
, applicable to assessments for each income year starting on or after 9 December 2008.
820-985(2)
The records must contain particulars about:
(a)
the methodology used in making the revaluation (including any assumptions made); and
(b)
how that methodology was applied (including the data and other information used); and
(c)
who made the revaluation; and
(d)
that person
'
s qualifications and experience as an expert in valuing assets of the relevant kind; and
(e)
the remuneration and expenses paid to that person.
820-985(3)
If the revaluation was made in accordance with subsection 820-680(2B) (about external validation of a revaluation made internally), the records must also contain particulars of:
(a)
who was the external expert referred to in that subsection; and
(b)
his or her qualifications and experience as an expert in valuing assets of the relevant kind; and
(c)
the remuneration and expenses paid to him or her; and
(d)
his or her review of the methodology for making the revaluation (as required by subparagraph 820-680(2B)(b)(ii)); and
(e)
his or her agreement that the methodology is suitable for making it (as required by subparagraph 820-680(2B)(b)(iii)).
This subsection extends to subsection 820-680(2B) as it applies because of subsection 820-684(5).
Note:
Section 820-684 allows some revaluations that are not allowed by the accounting standards.
History
S 820-985(3) amended by No 145 of 2008, s 3 and Sch 2 item 8, by inserting all the words from (and including)
"
This subsection extends
"
at the end, applicable to assessments for each income year starting on or after 9 December 2008.
820-985(4)
The entity must prepare the records before the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the revaluation is made.
Note:
A person must comply with the requirements in section 262A of the
Income Tax Assessment Act 1936
about the keeping of these records (see subsections (2AA) and (3) of that section).
S 820-985 inserted by No 142 of 2003.
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