Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_70
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 70
Character Range: 81203–82048

70  At the end of Subdivision 118‑F
Add:

118‑450  Values of assets and investments of entities without auditors
 (1) If, under a provision of this Subdivision, the value of an asset or investment at a particular time is the value provided for by this section, that value is:
 (a) if paragraph (b) does not apply—its *market value at that time; or
 (b) the amount stated to be its current market value, at that time or a time in the 12 months preceding that time, in a statutory declaration by:
 (i) if the entity is a company—the directors of the company; or
 (ii) if the entity is a unit trust—the trustees of the unit trust.
 (2) Paragraph (1)(b) does not apply if the Commissioner reasonably believes that the amount stated in the statutory declaration to be the *market value of the asset or investment at the relevant time is inaccurate.