Income Tax Assessment Regulations 1997 (Repealed)

PART 2 - LIABILITY RULES OF GENERAL APPLICATION

Division 30 - Valuation of particular gifts of property

REGULATION 30-212.10 FEES FOR CARRYING OUT VALUATIONS

30-212.10(1)
The fee for carrying out a valuation is the actual cost of the valuation, including all costs of the Commissioner in obtaining the valuation.

30-212.10(2)
If the Commissioner starts a valuation but the application for the valuation is withdrawn or treated as having no effect under subregulation 30-212.09(3) , a fee representing the cost of the incomplete valuation is payable.

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History

Reg 30-212.10 substituted by SLI No 90 of 2014, reg 4 and Sch 2 item 4, effective 14 June 2014. Reg 30-212.10 formerly read:

REGULATION 30-212.10 FEES FOR CARRYING OUT VALUATIONS
30-212.10(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 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 30-212(1) of the Act applies, the Commissioner is likely to need specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, the professional valuation of artwork).

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History

Reg 30-212.10(1) substituted by SR No 172 of 2002.

30-212.10(2)
If the Commissioner starts a valuation, but the application for the valuation is withdrawn or treated as having no effect under subregulation 30-212.09(3) :

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

(b) the fee is to be worked out in accordance with subregulation (1).
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History

Reg 30-212.10(2) renumbered by SR No 172 of 2002.

Reg 30-212.10 amended by SR No 172 of 2002 and inserted by SR No 128 of 2000.

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