Document ID: chunk:federal_register_of_legislation:F2020L00346:body:0:p2
Version: federal_register_of_legislation:F2020L00346
Segment Type: other
Provision Reference: 
Character Range: 2674–5676

'mixed supply' must be made as follows:

         (3)               a valuation of the entire interest, unit or lease in existence at the valuation date must be made; and

         (4)               the valuation of that interest, unit or lease must be apportioned on a fair and reasonable basis, to ascertain the part of the valuation that relates to that part of the interest, unit or lease that you supply under the margin scheme (that is, the taxable part of the supply).

5.                  The requirements for making valuations as determined by the Commissioner for the purposes of Division 75
A valuation of the interest, unit or lease made in accordance with the requirements set out by the Commissioner in this determination is an approved valuation of that interest, unit or lease.

The Commissioner has determined the following requirements for making valuations for the purposes of Division 75.

6.                  Method 1: valuation by a [*]professional valuer
For a valuation by a valuer to be an approved valuation for the purposes of Division 75 that valuation must be made in accordance with the following requirements:

         (1)               the valuer must be a *professional valuer;

         (2)               the valuation must be in writing;

         (3)               the valuation must determine the market value of the interest, unit or lease at the valuation date;

         (4)               the valuation must be made in a manner that is not contrary to the professional standards recognised in Australia for the making of real property valuations;

         (5)               the valuation must include a signed certificate which specifies:

             (a) a full description of the property being valued;

             (b) the applicable valuation date;

             (c) the date the valuer provides the valuation to the supplier;

             (d) the market value of the property at the valuation date;

             (e) the valuation approach and the valuation calculation; and

             (f) the name and qualifications of the valuer;

         (6)               if the interest, unit or lease has been supplied by the Commonwealth, a State or a Territory; and

             (a) the supplier has held the interest, unit or lease since before 1 July 2000;

             (b) there were no improvements on the land or premises in question as at 1 July 2000; and

             (c) there are improvements on the land or premises in question on the day on which the taxable supply takes place,

    the valuation must be made as if no improvements had been made at the date of the taxable supply; and

         (7)               the valuation must be made by the time specified in section 10 below.

7.                  Method 2: valuation based on the consideration received by the supplier under the contract of sale
For a valuation based on the sale contract price to be an approved valuation for the purposes of Division 75, that valuation must be