Document ID: chunk:federal_register_of_legislation:C2015A00105:clause:1_46
Version: federal_register_of_legislation:C2015A00105
Segment Type: clause
Provision Reference: sch 1 cl 46
Character Range: 17492–18329

46  After section 960‑410
Insert:

960‑412  Working out market value using an approved method
 (1) The *market value of an asset or *non‑cash benefit that you work out using a method approved under subsection (2) for that kind of asset or benefit binds the Commissioner in relation to you.
Note: You do not have to use the method.
 (2) The Commissioner may, by legislative instrument, approve methods for working out the *market value of assets or *non‑cash benefits. A method may include conditions.
Note 1: Different methods may be approved for different kinds of assets or non‑cash benefits (see subsection 13(3) of the Legislative Instruments Act 2003).
Note 2: Any approved method would need to be consistent with the other rules about market value in this Subdivision.

Part 3—Technical amendments

Income Tax Assessment Act 1997