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 30-200   Getting written valuations  

30-200(1)  
You satisfy the valuation requirements if you get 2 or more written valuations of the gift you made.

Note 1:

In most cases, you need to get these written valuations to be able to deduct a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30-15 .

Note 2:

You do not need to get written valuations in the circumstances set out in section 30-205 .

30-200(2)  
The valuations must be by different individuals, each of whom is an approved valuer of the kind of property you are giving away.

Note:

Section 30-210 deals with how an individual becomes an approved valuer.

30-200(3)  
Each valuation must state the amount that, in the opinion of the valuer, was:


(a) the * GST inclusive market value of the property on the day you made the gift; or


(b) the * GST inclusive market value of the property on the day the valuation was made.

30-200(4)  


If a valuation states the * GST inclusive market value of the property on the day the valuation was made, it must have been made within 90 days before or after the gift was made. However, the Commissioner may allow a longer period than this.

 

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