INCOME TAX ASSESSMENT REGULATIONS 1997

PART 2 - LIABILITY RULES OF GENERAL APPLICATION  

Division 30 - Valuation of particular gifts of property  

REGULATION 30-212.01   30-212.01   VALUATION OF GIFTS  


For section 30-212 of the Act, this Division sets out:


(a) the procedure for seeking a valuation of a gift mentioned in that section; and


(b) the fees that may be payable for the valuation; and


(c) arrangements for payment of fees.

Note:

Subsection 30-212(1) of the Act applies to a person who makes a gift that is covered by a provision of Division 30 of Part 2-5 of the Act that refers to the value of property as determined by the Commissioner.

The effect of subsection 30-212(1) is that the person must seek the valuation from the Commissioner.

Under subsection 30-212(2) , the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation.




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