Document ID: chunk:federal_register_of_legislation:F2020L00346:body:0:p3
Version: federal_register_of_legislation:F2020L00346
Segment Type: other
Provision Reference: 
Character Range: 5445–8457

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 made in accordance with the following requirements:

         (1)               the valuation must be made by adopting as the valuation the consideration received under the contract for the sale of the real property that has been executed or exchanged before the valuation date;

         (2)               the parties to the contract must be dealing at arm's length; and

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

Method 2 is not available if:

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

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

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

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

8.                  Method 3:  State Government or Territory Government department valuation
For a valuation based on a valuation made by or on behalf of a State Government or a Territory Government to be an approved valuation for the purposes of Division 75, that valuation must be made in accordance with the following requirements:

         (1)               the valuation must be made by adopting as the valuation the most recent valuation of the interest, unit or lease made before the valuation date by or on behalf of a State Government or a Territory Government department for rating or land tax purposes; and

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

9.                  Method 4: valuation obtained by the Commissioner in certain circumstances
Method 4 is only applicable if all of the following circumstances apply:

         (1)               for the purposes of calculating the margin under subsection 75‑10(3), a valuation has not been produced to the Commissioner or the valuation produced is not an approved valuation;

         (2)               the Commissioner has provided a notification in writing to the supplier that a valuation or an approved valuation has not been produced (incorporating, where applicable, the reasons for not accepting the valuation produced as an approved valuation) and advised that the supplier must produce an approved valuation to the Commissioner within 8 weeks;

         (3)               the supplier does not produce an approved valuation to the Commissioner within the 8 weeks or any extended time which the Commissioner may for good reason allow;

         (4)               the margin, in the absence of an approved valuation being produced by the supplier, would be calculated under