Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-F - Venture capital investment  

Operative provisions

SECTION 118-450   Values of assets and investments of entities without auditors  

118-450(1)    
If, under a provision of this Subdivision, the value of an asset or investment at a particular time is the value provided for by this section, that value is:

(a) if paragraph (b) does not apply - its *market value at that time; or

(b) the amount stated to be its current market value, at that time or a time in the 12 months preceding that time, in a statutory declaration by:

(i) if the entity is a company - the directors of the company; or

(ii) if the entity is a unit trust - the trustees of the unit trust.

118-450(2)    
Paragraph (1)(b) does not apply if the Commissioner reasonably believes that the amount stated in the statutory declaration to be the *market value of the asset or investment at the relevant time is inaccurate.