Document ID: chunk:federal_register_of_legislation:C2025C00029:section:8:p28
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 8 (pt 28/28)
Character Range: 660147–661812

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 in the professional community.

30‑212  Valuations by the Commissioner
 (1) If you make a gift or contribution that is covered by a provision of this Division that refers to the value of property as determined by the Commissioner, you must seek the valuation from the Commissioner.
 (2) The Commissioner may charge you the amount worked out in accordance with the regulations for making the valuation.

Working out the amount you can deduct for a gift of property

30‑215  How much you can deduct
 (1) This section contains the rules for working out how much you can deduct for a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30‑15.
 (2) The general rule is that the amount you can deduct for a gift of this kind is the average of the *GST inclusive market values (as reduced under subsection 30‑15(3) if that subsection applies) specified in the written valuations you got from the approved valuers.
Note: In some situations you must reduce the amount you can deduct: see section 30‑220.
 (3) The exceptions to the general rule are set out in this table:

Amount you can deduct for a gift of property
Item                                          In this case:                                                                                                                                                             The amount you can deduct is: