Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Division 820 inserted by No 162 of 2001.

Subdivision 820-G inserted by No 162 of 2001.

S 820-680(1) amended by No 65 of 2019, s 3 and Sch 1 items 8 and 9, by omitting " (including revaluing its assets for the purposes of that calculation) " after " the value of its assets " from para (a) and substituting " and 820-682 " for " , 820-682, 820-683 and 820-684 " in the note, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(2) .

S 820-680(1) amended by No 90 of 2010, s 3 and Sch 2 item 7, by inserting " 820-310, " after " sections " in the note, applicable to assessments for each income year starting on or after 1 January 2009.

S 820-680(1) amended by No 145 of 2008, s 3 and Sch 2 item 1, by inserting the note at the end, applicable to assessments for each income year starting on or after 9 December 2008.

S 820-680(1) amended by No 142 of 2003.

S 820-680(1A) amended by No 65 of 2019, s 3 and Sch 1 item 10, by substituting " section 820-682 " for " sections 820-682 and 820-683 " in the note, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(2) .

S 820-680(1A) amended by No 145 of 2008, s 3 and Sch 2 item 2, by inserting the note at the end, applicable to assessments for each income year starting on or after 9 December 2008.

S 820-680(1A) inserted by No 142 of 2003.

S 820-680(2) substituted by No 65 of 2019, s 3 and Sch 1 item 11, effective 1 October 2019. No 65 of 2019, s 3 and Sch 1 items 17 and 18 contain the following application and transitional provisions:

17 Revaluation of assets  
(1)
The amendments made by items 1 to 3 and items 8 to 16 of this Schedule apply in relation to any of the following carried out for the purposes of Division 820 of the Income Tax Assessment Act 1997 after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2018 (the transition time ):

(a) a determination that an asset or liability is an asset or liability of an entity (including a determination that the entity has an asset or liability at a particular time);

(b) a calculation of:

(i) the value of an entity ' s assets; or

(ii) the value of an entity ' s liabilities (including its debt capital); or

(iii) the value of an entity ' s equity capital.

(2)
If any of the matters mentioned in subitem (1) have been determined or calculated before the transition time:

(a) only the most recent of those determinations or calculations that comply with Division 820 of the Income Tax Assessment Act 1997 , as in force at the time the determination or calculation was made, may be used by the entity for the purposes of that Division on or after the transition time; and

(b) those determinations or calculations may only be used by the entity for the purposes of Division 820 of that Act for income years beginning before 1 July 2019.
18 Classification of head company  
18
The amendments made by items 4 to 7 of this Schedule apply in relation to income years beginning on or after 1 July 2019.

S 820-680(2) formerly read:

Requirements for revaluation of assets

820-680(2)
A revaluation of assets mentioned in paragraph (1)(a) must be made by a person:

(a) who is an expert in valuing such assets; and

(b) whose pecuniary or other interests could not reasonably be regarded as being capable of affecting the person ' s ability to give an unbiased opinion in relation to that revaluation.

Note 1:

The entity must also keep records in accordance with section 820-985 about the revaluation, unless the exception in subsection (2A) of this section applies.

Note 2:

This subsection also applies to some revaluations that are not allowed by the accounting standards (see subsection 820-684(5)).

S 820-680(2) amended by No 145 of 2008, s 3 and Sch 2 item 3, by substituting the note, applicable to assessments for each income year starting on or after 9 December 2008. The note formerly read:

Note:

The entity must also keep records in accordance with section 820-985 about the revaluation, unless the exception in subsection (2A) of this section applies.

S 820-680(2) amended by No 142 of 2003.

S 820-680(2A) substituted by No 65 of 2019, s 3 and Sch 1 item 11, effective 1 October 2019. S 820-680(2A) formerly read:

Revaluation reflected in statutory financial statements for the same period

820-680(2A)
A revaluation of an asset need not comply with subsection (2) if:

(a) the revaluation is for the purpose of the entity calculating the value of its assets for the purposes of this Division as applying to the entity for a particular period; and

(b) the entity is required by an Australian law to prepare financial statements for a period that is or includes all or part of that period; and

(c) those financial statements reflect the revaluation.

S 820-680(2A) inserted by No 142 of 2003.

S 820-680(2B) repealed by No 65 of 2019, s 3 and Sch 1 item 11, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(1) . S 820-680(2B) formerly read:

External validation of a revaluation made internally

820-680(2B)
A revaluation of assets mentioned in paragraph (1)(a) may be made by a person (the internal expert ) if:

(a) apart from this subsection, paragraph (2)(b) would prevent the internal expert from making the revaluation, but only because, in making it, he or she would be:

(i) performing duties as an employee of the entity; or

(ii) providing services under an *arrangement with the entity that is substantially similar to a contract of employment; and

(b) another person (the external expert ):

(i) is not prevented by subsection (2) from making the revaluation; and

(ii) has reviewed the methodology for making it (including the validity of any assumptions to be made, and the accuracy and reliability of the data and other information to be used); and

(iii) has agreed that that methodology is suitable for making it; and

(c) the internal expert makes the revaluation in accordance with that methodology.

Note:

This subsection also applies to some revaluations that are not allowed by the accounting standards (see subsection 820-684(5)).

S 820-680(2B) amended by No 145 of 2008, s 3 and Sch 2 item 4, by inserting the note at the end, applicable to assessments for each income year starting on or after 9 December 2008.

S 820-680(2B) inserted by No 142 of 2003.

S 820-680(2C) repealed by No 65 of 2019, s 3 and Sch 1 item 11, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(1) . S 820-680(2C) formerly read:

Revaluation of individual assets

820-680(2C)
Subsection (1) does not prevent the entity from revaluing one or more assets in a class of assets (as distinct from revaluing all the assets in the class) if the value of no asset in that class has fallen since the entity last calculated the total value of all the assets in that class in accordance with the *accounting standards.

S 820-680(2C) inserted by No 142 of 2003.

S 820-680(2D) repealed by No 65 of 2019, s 3 and Sch 1 item 11, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(1) . S 820-680(2D) formerly read:

When further revaluation of assets required

820-680(2D)
If:

(a) the entity revalues one or more assets (whether constituting a class of assets or not) for the purpose of calculating the value of its assets for the purposes of this Division as applying to the entity for a particular period (the first period ); and

(b) the revaluation is not required by the *accounting standards; and

(c) if the revaluation had been required by the accounting standards, the entity could have relied on it in preparing financial statements that the entity is required by an Australian law to prepare for a period (the later period ) that ends after the first period;

S 820-680(2D) inserted by No 142 of 2003.

S 820-680(2E) repealed by No 65 of 2019, s 3 and Sch 1 item 11, effective 1 October 2019. For application and transitional provisions, see note under s 820-680(1) . S 820-680(2E) formerly read:

When further revaluation of assets required

820-680(2E)
If subsection (2D) does not permit the entity to rely on the revaluation in calculating the value of its assets for the purposes of this Division as applying to the entity for a period that is later than the first period, the revaluation is disregarded in determining whether subsection (1) requires the entity to revalue the one or more assets in calculating the value of its assets for those purposes.

Note:

As a result, the entity may not be required to make a further revaluation of the one or more assets. However, if the entity does not, it must use the value of the one or more assets that is reflected in financial statements for the relevant period that comply with the accounting standards.

S 820-680(2E) inserted by No 142 of 2003.

S 820-680 inserted by No 162 of 2001.