Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You satisfy the valuation requirements if you get 2 or more written valuations of the gift you made.
Note 1: In most cases, you need to get these written valuations to be able to deduct a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30 - 15.
Note 2: You do not need to get written valuations in the circumstances set out in section 30 - 205.
(2) The valuations must be by different individuals, each of whom is an approved valuer of the kind of property you are giving away.
Note: Section 30 - 210 deals with how an individual becomes an approved valuer.
(3) Each valuation must state the amount that, in the opinion of the valuer, was:
(a) the * GST inclusive market value of the property on the day you made the gift; or
(b) the * GST inclusive market value of the property on the day the valuation was made.
(4) If a valuation states the * GST inclusive market value of
the property on the day the valuation was made, it must have been made within
90 days before or after the gift was made. However, the Commissioner may allow
a longer period than this.