Private ruling: Capital Gains Tax valuation of shares
Published: June 2014
Ruling period: Year ended 30 June 2013
Date scheme commenced: 1 July 2012

Ruling: Q1: Will the Commissioner accept the valuation provided by a qualified valued at an arm's length? | A1: Yes

Relevant facts and circumstances: You obtained a report from a qualified valued detailing the valuation of shares (the report). The report was prepared with information available at the time of the CGT event. The report was prepared at an arm's length.

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

Reasons for decision: Summary: Under section 359-40 of Schedule 1 to the Taxation Administration Act 1953 (TAA) if the making of a private ruling would require would require the determining of a value, the Commissioner may refer the valuation to a valuer or refer a valuation provided by the applicant to a valuer for review. The Commissioner is not obliged to obtain a valuation from a valuer. In your case, the Commissioner will accept the valuation that you provided and not refer it to a valuer.