Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-5 - RULINGS  

Division 359 - Private rulings  

Private rulings  

SECTION 359-40   VALUATIONS  

359-40(1)    
If making a *private ruling would require determining the value of any thing, the Commissioner may:

(a) refer the valuation to a valuer; or

(b) refer a valuation provided by the applicant to a valuer for review.

Note:

The Commissioner may request further information: see section 357-105 .

359-40(2)    
If the Commissioner refers the valuation to a valuer, the Commissioner must tell the applicant that he or she has done so.

359-40(3)    
When the valuer has completed its work in relation to the valuation, the Commissioner must tell the applicant that it has done so.

Note:

The Commissioner should make a private ruling within 60 days. However, if the Commissioner refers a valuation to a valuer under this section, that period is extended: see subsection 359-50(2) .

359-40(4)    
The Commissioner may charge the applicant an amount in accordance with the regulations for the valuer making or reviewing the valuation.

359-40(5)    
This section does not apply to a valuation of a gift or contribution for the purposes of Division 30 of the Income Tax Assessment Act 1997 .