Taxation Administration Act 1953
Note: See section 3AA .Chapter 5 - Administration
If making a *private ruling would require determining the value of any thing, the Commissioner may:
(a) refer the valuation to a valuer; or
(b) refer a valuation provided by the applicant to a valuer for review.
The Commissioner may request further information: see section 357-105 .359-40(2)
If the Commissioner refers the valuation to a valuer, the Commissioner must tell the applicant that he or she has done so. 359-40(3)
When the valuer has completed its work in relation to the valuation, the Commissioner must tell the applicant that it has done so.
The Commissioner should make a private ruling within 60 days. However, if the Commissioner refers a valuation to a valuer under this section, that period is extended: see subsection 359-50(2) .359-40(4)
The Commissioner may charge the applicant an amount in accordance with the regulations for the valuer making or reviewing the valuation. 359-40(5)
This section does not apply to a valuation of a gift or contribution for the purposes of Division 30 of the Income Tax Assessment Act 1997 .