Private ruling: Valuation
Date of advice: 1 June 2023
Published: 17 July 2023
Ruling period: 1 June 20xx to 31 May 20xx

Ruling: Q1: Was the GST inclusive market value of the Property $xxx as at the valuation date, in accordance with the valuation you obtained from a professional valuer? | A1: Yes.

Relevant facts and circumstances: You are the trustee of a trust. You obtained a professional valuation of the Property for the purposes of applying the margin scheme. The valuation report found that the GST inclusive market value of the Property as at the valuation date was $xxx.

Relevant legislative provisions: Taxation Administration Act 1953 Section 359-40 of Schedule 1

Reasons for decision: Summary: Pursuant to section 359-40 of Schedule 1 to the Taxation Administration Act 1953 , the Commissioner referred your valuation to a professional valuer for review. You paid the Commissioner an amount in accordance with the regulations for the valuer to review the valuation. The professional valuer completed their review and recommended to the Commissioner that your valuation be accepted on the grounds that it represents a fair and reasonable assessment of the GST inclusive market value of the Property as at the valuation date.