Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 30-205 Proceeds of the sale would have been assessable 30-205(1)
You do not need to get written valuations of the gift you made if:
(a) no amount is included in your assessable income in respect of the gift you made; but
(b) an amount would have been included in your assessable income if you had sold the property instead of making the gift.
30-205(2)
However, this section does not apply if, apart from the operation of subsection 118-60(2) , an amount would have been included in your assessable income in respect of the gift you made.
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