Tax Laws Amendment (2005 Measures No. 3) Act 2005 (63 of 2005)
Schedule 1 Philanthropy
Income Tax Assessment Act 1997
20 After subsection 118-60(1)
Insert:
(1A) If the only reason the gain or loss is not disregarded under subsection (1) is because the property has not been valued by the Commissioner at more than $5,000, then, for the purposes of that subsection, it is taken to have been so valued.
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