Document ID: chunk:federal_register_of_legislation:C2025C00029:section:8:p27
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 8 (pt 27/28)
Character Range: 657799–660414

of property

Table of sections

Valuation requirements
30‑200 Getting written valuations
30‑205 Proceeds of the sale would have been assessable
30‑210 Approved valuers
30‑212 Valuations by the Commissioner

Working out the amount you can deduct for a gift of property
30‑215 How much you can deduct
30‑220 Reducing the amount you can deduct

Joint ownership of property
30‑225 Gift of property by joint owners

Valuation requirements

30‑200  Getting written valuations
 (1) You satisfy the valuation requirements if you get 2 or more written valuations of the gift you made.
Note 1: In most cases, you need to get these written valuations to be able to deduct a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30‑15.
Note 2: You do not need to get written valuations in the circumstances set out in section 30‑205.
 (2) The valuations must be by different individuals, each of whom is an approved valuer of the kind of property you are giving away.
Note: Section 30‑210 deals with how an individual becomes an approved valuer.
 (3) Each valuation must state the amount that, in the opinion of the valuer, was:
 (a) the *GST inclusive market value of the property on the day you made the gift; or
 (b) the *GST inclusive market value of the property on the day the valuation was made.
 (4) If a valuation states the *GST inclusive market value of the property on the day the valuation was made, it must have been made within 90 days before or after the gift was made. However, the Commissioner may allow a longer period than this.

30‑205  Proceeds of the sale would have been assessable
 (1) You do not need to get written valuations of the gift you made if:
 (a) no amount is included in your assessable income in respect of the gift you made; but
 (b) an amount would have been included in your assessable income if you had sold the property instead of making the gift.
 (2) However, this section does not apply if, apart from the operation of subsection 118‑60(2), an amount would have been included in your assessable income in respect of the gift you made.

30‑210  Approved valuers
 (1) The *Arts Secretary may approve an individual as a valuer of a particular kind of property. The approval must be in writing, signed by the Secretary.
 (2) The Secretary must, in deciding whether to approve an individual, have regard to:
 (a) the individual's qualifications, experience and knowledge in valuing that kind of property; and
 (b) the individual's knowledge of the current *GST inclusive market value of that kind of property; and
 (c) the individual's standing