Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 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.

  (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.