Income Tax Assessment Act 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-1 - CONCEPTS AND TOPICS  

Division 960 - General  

Subdivision 960-S - Market value  

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History

Subdiv 960-S inserted by No 58 of 2006 , s 3 and Sch 7 item 105, effective 22 June 2006.

Operative provisions

SECTION 960-412   Working out market value using an approved method  

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960-412(1)    
The *market value of an asset or *non-cash benefit that you work out using a method approved under subsection (2) for that kind of asset or benefit binds the Commissioner in relation to you.

Note:

You do not have to use the method.

960-412(2)    
The Commissioner may, by legislative instrument, approve methods for working out the *market value of assets or *non-cash benefits. A method may include conditions.

Note 1:

Different methods may be approved for different kinds of assets or non-cash benefits (see subsection 13(3) of the Legislation Act 2003 ).

Note 2:

Any approved method would need to be consistent with the other rules about market value in this Subdivision.

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History

S 960-412(2) amended by No 93 of 2017, s 3 and Sch 2 item 12, by substituting " Legislation Act 2003 " for " Legislative Instruments Act 2003 " in note 1, effective 20 September 2017.

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History

S 960-412 inserted by No 105 of 2015, s 3 and Sch 1 item 46, effective 1 July 2015.

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