| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1052125127335
Date of advice: 1 June 2023
Ruling
Subject: Valuation
Question 1
Was the GST inclusive market value of the Property $xxx as at the valuation date, in accordance with the valuation you obtained from a professional valuer?
Answer
Yes.
This ruling applies for the following period:
1 June 20xx to 31 May 20xx
Relevant facts and circumstances
You are the trustee of a trust.
You obtained a professional valuation of the Property for the purposes of applying the margin scheme.
The valuation report found that the GST inclusive market value of the Property as at the valuation date was $xxx.
Relevant legislative provisions
Taxation Administration Act 1953 Section 359-40 of Schedule 1
Reasons for decision
Pursuant to section 359-40 of Schedule 1 to the Taxation Administration Act 1953, the Commissioner referred your valuation to a professional valuer for review. You paid the Commissioner an amount in accordance with the regulations for the valuer to review the valuation.
The professional valuer completed their review and recommended to the Commissioner that your valuation be accepted on the grounds that it represents a fair and reasonable assessment of the GST inclusive market value of the Property as at the valuation date.