Income Tax Assessment Amendment Regulations 2002 (No. 4) (Cth)

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Income Tax Assessment Amendment Regulations 2002 (No. 4)1

Statutory Rules 2002 No. 1722

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1997.

Dated 4 July 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

1Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2002 (No. 4).

2Commencement

These Regulations commence on gazettal.

3Amendment of Income Tax Assessment Regulations 1997

Schedule 1 amends the Income Tax Assessment Regulations 1997.

Schedule 1Amendments

(regulation 3)

  

[1]Before regulation 1

insert

Part 1Preliminary

[2]After regulation 2

insert

Part 2Liability rules of general application

Division 28Car expenses

[3]After regulation 28-25.01

insert

Division 30Valuation of particular gifts of property

[4]Regulation 30-212.01

omit

regulations 30-212.02 to 30‑212.11 (inclusive) set

insert

this Division sets

[5]Regulations 30-212.02, 30-212.03 and 30-212.04

substitute

30-212.02 Application for valuation

An application for a valuation under subsection 30-212 (1) of the Act must:

  1. (a)

    be in the approved form; and

  2. (b)

    be lodged with the General Manager, Australian Valuation Office; and

  3. (c)

    include an application fee of $174.

Note Section 995-1 of the Act provides that approved form has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953. That section provides that an application under a taxation law is in the approved form if, and only if:

(a) it is in the form approved in writing by the Commissioner for that kind of application; and

(b) it contains a declaration signed by a person or persons as the form requires; and

(c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise.

[6]Subregulations 30-212.10 (1) and (2)

substitute

  1. (1)

    The fee for carrying out a valuation is the greater of:

    1. (a)

      the sum of:

      1. (i)

        for each complete hour taken to carry out the valuation — $174; and

      2. (ii)

        for a part of an hour — an amount worked by multiplying $2.90 by the number of minutes taken; and

    2. (b)

      the actual cost of the valuation.

Note For some types of property to which subsection 30-212 (1) of the Act applies, the Commissioner is likely to need specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, the professional valuation of artwork).

[7]Paragraph 30-212.10 (3) (b)

omit

subregulation (1) or (2).

insert

subregulation (1).

[8]Subregulation 30-212.10 (3)

renumber as subregulation (2)

[9]Subregulation 30-212.11 (1)

omit

30-212.04

insert

30-212.02

[10]After regulation 30-212.12

insert

Division 31Conservation covenants

31-15.01 Valuation of land

For section 31-15 of the Act, this Division sets out:

  1. (a)

    the procedure for seeking a valuation of the change in the market value of the land mentioned in that section; and

  2. (b)

    the fees that may be payable for the valuation; and

  3. (c)

    arrangements for the payment of fees.

Note Section 31-15 of the Act applies to a person who enters into a conservation covenant over land owned by the person, if the conditions mentioned in subsection 31-5 (2) of the Act are met. Subsection 31-15 (1) provides that the person must seek a valuation of the change in the market value of the land from the Commissioner. Subsection 31-15 (2) provides that the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation.

31-15.02 Application for valuation

An application for a valuation under subsection 31-15 (1) of the Act must:

  1. (a)

    be in the approved form; and

  2. (b)

    be lodged with the General Manager, Australian Valuation Office; and

  3. (c)

    include a copy of the conservation covenant; and

  4. (d)

    include an application fee of $174.

Note Section 995-1 of the Act provides that approved form has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953. That section provides that an application under a taxation law is in the approved form if, and only if:

(a) it is in the form approved in writing by the Commissioner for that kind of application; and

(b) it contains a declaration signed by a person or persons as the form requires; and

(c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise.

31-15.03 Estimates of fees — request by applicant

  1. (1)

    An applicant may ask the Commissioner for an estimate of the likely fee for the valuation.

  2. (2)

    If the Commissioner is asked for an estimate:

    1. (a)

      the Commissioner must give the estimate as soon as practicable; and

    2. (b)

      the Commissioner is not bound by the estimate.

31-15.04 Advance payment of fees

  1. (1)

    The Commissioner may, within 14 days after receiving an application, give to the applicant a written statement:

    1. (a)

      requiring the applicant to give to the Commissioner an advance payment of the fee that may be payable for the valuation; and

    2. (b)

      stating the amount of the payment; and

    3. (c)

      explaining how the amount was worked out.

  2. (2)

    The Commissioner may ask for more than 1 advance payment during the period mentioned in subregulation (1) from the same applicant.

  3. (3)

    The applicant must give to the Commissioner the advance payment within 14 days after receiving the statement asking for the payment.

31-15.05 Commissioner not required to consider certain applications

  1. (1)

    If the Commissioner is preparing an estimate of a fee under regulation 31-15.03, the Commissioner is not required to consider the application to which the estimate relates until the Commissioner has given the estimate to the applicant.

  2. (2)

    If the Commissioner has required the advance payment of a fee under regulation 31-15.04, the Commissioner is not required to consider the application to which the payment relates until the fee is paid.

31-15.06 Applications treated as having no effect

  1. (1)

    If an application for a valuation does not comply with regulation 31-15.02, the Commissioner must:

    1. (a)

      treat the application as having no effect; and

    2. (b)

      give to the applicant a written statement that the application is being treated that way.

  2. (2)

    If an application for a valuation does not include all of the application fee, the Commissioner must:

    1. (a)

      treat the application as having no effect; and

    2. (b)

      give to the applicant a written statement that the application is being treated that way.

  3. (3)

    If the Commissioner has required the advance payment of a fee under regulation 31-15.04, and the fee is not paid within the time mentioned in subregulation 31-15.04 (3), the Commissioner must:

    1. (a)

      treat the application to which the payment relates as having no effect after that time; and

    2. (b)

      give to the applicant a written statement that the application is being treated that way.

Note Subregulation 31-15.07 (2) is relevant to an application that is treated as having no effect under subregulation (3).

31-15.07 Fees for carrying out valuations

  1. (1)

    The fee for carrying out a valuation is the greater of:

    1. (a)

      the sum of:

      1. (i)

        for each complete hour taken to carry out the valuation — $174; and

      2. (ii)

        for a part of an hour — an amount worked by multiplying $2.90 by the number of minutes taken; and

    2. (b)

      the actual cost of the valuation.

Note For some types of property to which subsection 31-15 (1) of the Act applies, the Commissioner is likely to require specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, if an expert professional valuation is required because of the location and nature of the land).

  1. (2)

    If the Commissioner starts a valuation, but the application for the valuation is withdrawn or is treated as having no effect under regulation 31-15.06:

    1. (a)

      a fee is payable for the incomplete valuation; and

    2. (b)

      the fee must be worked out in accordance with subregulation (1).

31-15.08 Crediting and repaying valuation fees

  1. (1)

    The application fee paid under regulation 31-15.02 must be credited against the amount of fees worked out under regulation 31-15.07.

  2. (2)

    An advance payment of a fee paid under regulation 31-15.04 must be credited against the amount of fees worked out under regulation 31-15.07.

  3. (3)

    The amount of fees worked out under regulation 31-15.07 is a debt due to the Commonwealth and is recoverable in a court of competent jurisdiction.

  4. (4)

    However, if the total of advance payments of fees is more than the amount of fees worked out under regulation 31-15.07, the Commissioner must pay the difference to the applicant as soon as practicable.

31-15.09 Valuation certificates

  1. (1)

    If the Commissioner completes a valuation, the Commissioner must give a valuation certificate to the applicant for the valuation.

  2. (2)

    The Commissioner must approve, in writing, 1 or more forms of a certificate.

  3. (3)

    The certificate must include the following information:

    1. (a)

      the date on which the valuation was completed;

    2. (b)

      a description of the land (including a lot and plan number, title reference and the location of the land);

    3. (c)

      a statement of the market value of the land immediately before the conservation covenant was entered into;

    4. (d)

      a statement of the market value of the land immediately after the conservation covenant was entered into;

    5. (e)

      a statement of the difference between the market value mentioned in paragraph (c) and the market value mentioned in paragraph (d);

    6. (f)

      a statement of the extent to which the difference mentioned in paragraph (e) is attributable to the conservation covenant being entered into.

  4. (4)

    The certificate may include other information.

  5. (5)

    The Commissioner must not give a valuation certificate to the applicant until:

    1. (a)

      the valuation has been completed; and

    2. (b)

      the Commissioner has received the full amount of the fees payable for the valuation.

[11]Before regulation 50-50.01

insert

Division 50Exempt entities

[12]After regulation 50-70.01

insert

Division 51Exempt amounts

[13]After regulation 51-5.01

insert

Division 61Generally applicable tax offsets

[14]After regulation 61-330.01

insert

Division 70Trading stock

[15]After regulation 70-55.01

insert

Part 6The Dictionary

Division 995Definitions

Notes

1. These Regulations amend Statutory Rules 1997 No. 198, as amended by 1998 No. 85; 1999 Nos. 12, 78 and 147; 2000 Nos. 1 and 128; 2001 Nos. 18, 26, 288 and 321; 2002 Nos. 46, 65 and 170.

2. Notified in the Commonwealth of Australia Gazette

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