Income Tax Assessment Regulations 1997 (Repealed)

Part 2 heading inserted by SR No 172 of 2002.

Div 31 inserted by SR No 172 of 2002.

Reg 31-15.07 substituted by SLI No 90 of 2014, reg 4 and Sch 2 item 7, effective 14 June 2014. Reg 31-15.07 formerly read:

REGULATION 31-15.07 FEES FOR CARRYING OUT VALUATIONS  
31-15.07(1)
The fee for carrying out a valuation is the greater of:

(a) the sum of:

(i) for each complete hour taken to carry out the valuation - $174; and

(ii) for a part of an hour - an amount to be worked by multiplying $2.90 by the number of minutes taken; and

(b) the actual cost of the valuation.

Note:

For some types of property to which subsection 31-15(1) of the Act applies, the Commissioner is likely to require specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, if an expert professional valuation is required because of the location and nature of the land).

31-15.07(2)
If the Commissioner starts a valuation, but the application for the valuation is withdrawn or is treated as having no effect under regulation 31-15.06 :

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

(b) the fee must be worked out in accordance with subregulation (1).

Reg 31-15.07 inserted by SR No 172 of 2002.