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Edited version of private advice
Authorisation Number: 1012651054472
Ruling
Subject: Capital Gains Tax valuation of shares
Question
Will the Commissioner accept the valuation provided by a qualified valued at an arm's length?
Answer
Yes
This ruling applies for the following period
Year ended 30 June 2013
The scheme commenced on
1 July 2012
Relevant facts and circumstances
You obtained a report from a qualified valued detailing the valuation of shares (the report).
The report was prepared with information available at the time of the CGT event.
The report was prepared at an arm's length.
Relevant legislative provisions
Section 359-40 of Schedule 1 to the Taxation Administration Act 1953
Reasons for decision
Under section 359-40 of Schedule 1 to the Taxation Administration Act 1953 (TAA) if the making of a private ruling would require would require the determining of a value, the Commissioner may refer the valuation to a valuer or refer a valuation provided by the applicant to a valuer for review. The Commissioner is not obliged to obtain a valuation from a valuer.
In your case, the Commissioner will accept the valuation that you provided and not refer it to a valuer.