Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 31 - Conservation covenants  

SECTION 31-15.08   VALUATION CERTIFICATES  

31-15.08(1)    
If the Commissioner completes the valuation, the Commissioner must give a valuation certificate to the applicant for the valuation.

31-15.08(2)    
The Commissioner must approve, in writing, one or more forms of a valuation certificate for the purposes of subsection (1).

31-15.08(3)    
The certificate must include the following information:

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

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

(c)    a statement of the market value of the land immediately before the conservation covenant was entered into;

(d)    a statement of the market value of the land immediately after the conservation covenant was entered into;

(e)    a statement of the difference between the market values mentioned in paragraphs (c) and (d);

(f)    a statement of the extent to which the difference mentioned in paragraph (e) is attributable to the conservation covenant being entered into.

31-15.08(4)    
The certificate may include other information.

31-15.08(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 charge payable for making the valuation.




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