Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Division 820 inserted by No 162 of 2001.

Subdivision 820-L inserted by No 162 of 2001.

S 820-985 inserted by No 23 of 2024, s 3 and Sch 2 item 115, effective 1 July 2024. For application provisions, see note under s 705-60 .

Former s 820-985 repealed by No 65 of 2019, s 3 and Sch 1 item 16, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(2) . S 820-985 formerly read:

SECTION 820-985 Methodology of revaluation and independence of valuer  
820-985(1)
An entity must keep records under this section for a revaluation of assets mentioned in subsection 820-680(2) (except a revaluation that need not comply with that subsection because of subsection 820-680(2A)) or 820-684(2).

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History

S 820-985(1) amended by No 145 of 2008, s 3 and Sch 2 item 7, by inserting " or 820-684(2) " after " 820-680(2A)) " , applicable to assessments for each income year starting on or after 9 December 2008.

820-985(2)
The records must contain particulars about:

(a) the methodology used in making the revaluation (including any assumptions made); and

(b) how that methodology was applied (including the data and other information used); and

(c) who made the revaluation; and

(d) that person ' s qualifications and experience as an expert in valuing assets of the relevant kind; and

(e) the remuneration and expenses paid to that person.

820-985(3)
If the revaluation was made in accordance with subsection 820-680(2B) (about external validation of a revaluation made internally), the records must also contain particulars of:

(a) who was the external expert referred to in that subsection; and

(b) his or her qualifications and experience as an expert in valuing assets of the relevant kind; and

(c) the remuneration and expenses paid to him or her; and

(d) his or her review of the methodology for making the revaluation (as required by subparagraph 820-680(2B)(b)(ii)); and

(e) his or her agreement that the methodology is suitable for making it (as required by subparagraph 820-680(2B)(b)(iii)).

This subsection extends to subsection 820-680(2B) as it applies because of subsection 820-684(5).

Note:

Section 820-684 allows some revaluations that are not allowed by the accounting standards.

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History

S 820-985(3) amended by No 145 of 2008, s 3 and Sch 2 item 8, by inserting all the words from (and including) " This subsection extends " at the end, applicable to assessments for each income year starting on or after 9 December 2008.

820-985(4)
The entity must prepare the records before the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the revaluation is made.

Note:

A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).

Former s 820-985 inserted by No 142 of 2003.