Tax Laws Amendment (2005 Measures No. 3) Act 2005 (63 of 2005)

Schedule 1   Philanthropy

Income Tax Assessment Act 1997

20   After subsection 118-60(1)

Insert:

(1A) If the only reason the gain or loss is not disregarded under subsection (1) is because the property has not been valued by the Commissioner at more than $5,000, then, for the purposes of that subsection, it is taken to have been so valued.