Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions  

Subdivision 30-C - Rules applying to particular gifts of property  

Valuation requirements

SECTION 30-205   Proceeds of the sale would have been assessable  

30-205(1)    
You do not need to get written valuations of the gift you made if:

(a) no amount is included in your assessable income in respect of the gift you made; but

(b) an amount would have been included in your assessable income if you had sold the property instead of making the gift.

30-205(2)    

However, this section does not apply if, apart from the operation of subsection 118-60(2) , an amount would have been included in your assessable income in respect of the gift you made.