Income Tax Assessment Amendment Regulations 2000 (No. 2) (128 of 2000)

Schedule 1   Amendment

[1]   After regulation 28-25.01

insert

30-212.01 Valuation of gifts

For section 30-212 of the Act, regulations 30-212.02 to 30-212.11 (inclusive) set out:

(a) the procedure for seeking a valuation of a gift mentioned in that section; and

(b) the fees that may be payable for the valuation; and

(c) arrangements for payment of fees.

Note Subsection 30-212 (1) of the Act applies to a person who makes a gift that is covered by a provision of Division 30 of Part 2-5 of the Act that refers to the value of property as determined by the Commissioner.

The effect of subsection 30-212 (1) is that the person must seek the valuation from the Commissioner.

Under subsection 30-212 (2), the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation.

30-212.02 Application forms for valuation

(1) The Commissioner must approve, in writing, 1 or more forms for applications for valuations of gifts.

(2) An application form may require an applicant to give any of the following information:

(a) the applicant's name and address;

(b) a description of any real property to be valued (including a lot and plan number, title reference and the location of the property);

(c) a full description of property, other than real property, to be valued.

(3) An application form may require an applicant to give other information, or a document, for the purpose of carrying out the valuation.

30-212.03 Application for valuation

(1) A person who wishes to have property valued by the Commissioner must apply for a valuation by completing the appropriate approved form.

(2) The application must be given to the General Manager, Australian Valuation Office, by:

(a) postal delivery; or

(b) personal delivery; or

(c) any other method approved by the General Manager.

30-212.04 Application fees

An application for a valuation must include an application fee of:

(a) if the application is made before 1 July 2000 - $150; and

(b) if the application is made on or after that day - $162.

30-212.05 Certificates of authenticity

(1) An application for a valuation of property other than real property must include a certificate of the authenticity of the property.

(2) If the Commissioner is not satisfied that a certificate of authenticity is adequate, the Commissioner may:

(a) make arrangements to obtain 1 or more certificates of authenticity; and

(b) charge the applicant a fee that is not greater than the cost of obtaining the certificate.

30-212.06 Estimates of fees

(1) An applicant for a valuation may ask the Commissioner for an estimate of the likely fee for the valuation.

(2) If the Commissioner is asked for an estimate:

(a) the Commissioner must comply with the request as soon as practicable; but

(b) the Commissioner is not bound by the estimate.

30-212.07 Advance payment of fees

(1) The Commissioner may require an applicant for a valuation to give the Commissioner an advance payment of the fee that may be payable for the valuation.

(2) If the Commissioner requires an advance payment, the Commissioner must give the applicant a written statement:

(a) requiring the payment; and

(b) stating the amount of the payment; and

(c) explaining how the amount was worked out.

(3) The Commissioner:

(a) may require an advance payment only within 14 days after receiving an application; and

(b) may require more than 1 advance payment during that period from the same applicant.

(4) The applicant must give the Commissioner the advance payment within 14 days after receiving the statement requiring the payment.

30-212.08 Commissioner not required to consider certain applications

(1) If the Commissioner decides to obtain a certificate of authenticity under regulation 30-212.05, the Commissioner is not required to consider the application to which the certificate relates until the Commissioner receives the certificate.

(2) If the Commissioner is preparing an estimate of a fee under regulation 30-212.06, the Commissioner is not required to consider the application to which the estimate relates until the Commissioner has given the estimate to the applicant.

(3) If the Commissioner has required the advance payment of a fee under regulation 30-212.07, the Commissioner is not required to consider the application to which the payment relates until the fee is paid.

30-212.09 Applications treated as having no effect

(1) If an application for a valuation does not comply with regulation 30-212.03:

(a) the Commissioner must treat the application as having no effect; and

(b) the Commissioner must give the applicant a written statement that the application is being treated that way.

(2) If an application for a valuation does not include all of the application fee:

(a) the Commissioner must treat the application as having no effect; and

(b) the Commissioner must give the applicant a written statement that the application is being treated that way.

(3) If the Commissioner has required the advance payment of a fee under regulation 30-212.07, and the fee is not paid within the time mentioned in subregulation 30-212.07 (4):

(a) the Commissioner must treat the application to which the payment relates as having no effect after that time; and

(b) the Commissioner must give the applicant a written statement that the application is being treated that way.

Note Subregulation 30-212.10 (2) is relevant to an application that is treated as having no effect under subregulation (3).

30-212.10 Fees for carrying out valuations

(1) The fee for carrying out a valuation before 1 July 2000 is the greater of:

(a) the sum of:

(i) $150 for each complete hour taken to carry out the valuation; and

(ii) for a part of an hour - an amount worked by multiplying $2.50 by the number of minutes taken; and

(b) the actual cost of the valuation.

(2) The fee for carrying out a valuation on or after 1 July 2000 is the greater of:

(a) the sum of:

(i) $162 for each complete hour taken to carry out the valuation; and

(ii) for a part of an hour - an amount worked by multiplying $2.70 by the number of minutes taken; and

(b) the actual cost of the valuation.

Note For some types of property to which subsection 30-212 (1) of the Act applies, the Commissioner is likely to require specialist valuation assistance for which the real hourly cost may be more than $150 or $162 (for example, the professional valuation of artwork).

(3) If the Commissioner starts a valuation, but the application for the valuation is withdrawn or treated as having no effect under subregulation 30-212.09 (3):

(a) a fee is payable for the incomplete valuation; and

(b) the fee is to be worked out in accordance with subregulation (1) or (2).

30-212.11 Crediting and repaying valuation fees

(1) The application fee paid under regulation 30-212.04 is to be credited against the amount of fees worked out under regulation 30-212.09.

(2) An advance payment of a fee paid under regulation 30-212.07 is to be credited against the amount of fees worked out under regulation 30-212.09.

(3) The amount of fees worked out under regulation 30-212.09 is a debt due to the Commonwealth, and recoverable in a court of competent jurisdiction.

(4) However, if the total of advance payments of fees is more than the amount of fees worked out under regulation 30-212.09, the Commissioner must pay the difference to the applicant as soon as practicable.

30-212.12 Valuation certificates

(1) If the Commissioner completes a valuation, the Commissioner must give a valuation certificate to the applicant for the valuation.

(2) The Commissioner must approve, in writing, 1 or more forms of a certificate.

(3) The certificate must include the following information:

(a) the date on which the valuation was completed;

(b) a description of any real property (including a lot and plan number, title reference and the location of the property);

(c) a full description of property other than real property;

(d) the period for which the valuation is in force;

(e) a statement of the valuation.

(4) The certificate may include other information.

(5) The Commissioner must not give a valuation certificate to the applicant until:

(a) the valuation has been completed; and

(b) the Commissioner has received the full amount of the fees payable for the valuation.