Income Tax Assessment Regulations 1997
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.
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.