INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-F - Venture capital investment  

Operative provisions

SECTION 118-450   Values of assets and investments of entities without auditors  

118-450(1)  
If, under a provision of this Subdivision, the value of an asset or investment at a particular time is the value provided for by this section, that value is:


(a) if paragraph (b) does not apply - its *market value at that time; or


(b) the amount stated to be its current market value, at that time or a time in the 12 months preceding that time, in a statutory declaration by:


(i) if the entity is a company - the directors of the company; or

(ii) if the entity is a unit trust - the trustees of the unit trust.

118-450(2)  
Paragraph (1)(b) does not apply if the Commissioner reasonably believes that the amount stated in the statutory declaration to be the *market value of the asset or investment at the relevant time is inaccurate.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.