Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (54 of 2016)

Schedule 2   Venture capital investment

Part 8   Auditing requirements

Income Tax Assessment Act 1997

70   At the end of Subdivision 118-F

Add:

118-450 Values of assets and investments of entities without auditors

(1) If, under a provision of this Subdivision, the value of an asset or investment at a particular time is the value provided for by this section, that value is:

(a) if paragraph (b) does not apply - its *market value at that time; or

(b) the amount stated to be its current market value, at that time or a time in the 12 months preceding that time, in a statutory declaration by:

(i) if the entity is a company - the directors of the company; or

(ii) if the entity is a unit trust - the trustees of the unit trust.

(2) Paragraph (1)(b) does not apply if the Commissioner reasonably believes that the amount stated in the statutory declaration to be the *market value of the asset or investment at the relevant time is inaccurate.