• Ruling requests involving market value

    We can provide private, class and product rulings on matters involving valuations. We generally will not rule on the market value for a future event (see Prospective market value in part A).

    We do not usually rule on valuation methods. We can only rule on how a relevant provision applies to a particular taxpayer in relation to a particular scheme, and a question about whether or not a particular method is appropriate may not fall into this category. Moreover, we will often not have sufficient facts to determine the appropriate method to use. In some instances, we may comment on the appropriate method within our explanation of a ruling. This particularly occurs in class or product rulings, where a number of taxpayers are affected.

    Class and product rulings

    If a request for a class or product ruling requires a valuation, the taxpayer seeking the ruling should provide a valuation that is acceptable to us (based on the standards set out in this guide).

    Private rulings

    In seeking a private ruling, you can either provide your own valuation in support of the market value or ask us to determine the market value. In both instances we would expect to engage a valuer, either to confirm the valuation you have provided or to determine the value. Either way, we will pass on the costs charged by the valuer to you.

      Last modified: 01 Jul 2015QC 21245