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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS  

Division 30 - Gifts or contributions    View history reference

Subdivision 30-C - Rules applying to particular gifts of property    View history reference ITAA 36

Valuation requirements

SECTION 30-205  Proceeds of the sale would have been assessable  

 View history reference

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)  

 View history reference
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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