INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions  

Subdivision 30-C - Rules applying to particular gifts of property  

Valuation requirements

SECTION 30-205   Proceeds of the sale would have been assessable  

30-205(1)  
You do not need to get written valuations of the gift you made if:


(a) no amount is included in your assessable income in respect of the gift you made; but


(b) an amount would have been included in your assessable income if you had sold the property instead of making the gift.

30-205(2)  


However, this section does not apply if, apart from the operation of subsection 118-60(2) , an amount would have been included in your assessable income in respect of the gift you made.

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