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TAX LAWS AMENDMENT (2014 MEASURES NO. 1) REGULATION 2014 (SLI NO 90 OF 2014) - SCHEDULE 2

Australian Valuation Office

   

Income Tax Assessment Regulations 1997

1  Paragraph 30-212.02(b)

Omit "General Manager, Australia Valuation Office", substitute "Commissioner".

2  Paragraph 30-212.02(c)

Repeal the paragraph, substitute:

                     (c)  include the application fee required by the approved form, which must not be more $1 000.

3  Subregulation 30-212.09(1)

Omit "30-212.03", substitute "30-212.02".

4  Regulations 30-212.10 and 30-212.11

Repeal the regulations, substitute:

30-212.10   Fees for carrying out valuations

             (1)  The fee for carrying out a valuation is the actual cost of the valuation, including all costs of the Commissioner in obtaining the valuation.

             (2)  If the Commissioner starts a valuation but the application for the valuation is withdrawn or treated as having no effect under subregulation 30-212.09(3), a fee representing the cost of the incomplete valuation is payable.

30-212.11   Crediting and repaying valuation fees

             (1)  The application fee paid under regulation 30-212.02 is to be credited against the fee for the valuation.

             (2)  An advance payment of a fee paid under regulation 30-212.07 is to be credited against the fee for the valuation.

             (3)  The fee payable for the valuation is a debt due to the Commonwealth and recoverable in a court of competent jurisdiction.

             (4)  However, if the total of advance payments of fees is more than the fee payable for the valuation, the Commissioner must pay the difference to the applicant as soon as practicable.

5  Paragraph 31-15.02(b)

Omit "General Manager, Australia Valuation Office", substitute "Commissioner".

6  Paragraph 31-15.02(d)

Repeal the paragraph, substitute:

                     (d)  include the application fee required by the approved form, which must not be more $1 000.

7  Regulations 31-15.07 and 31-15.08

Repeal the regulations, substitute:

31-15.07   Fees for carrying out valuations

             (1)  The fee for carrying out a valuation is the actual cost of the valuation, including all costs of the Commissioner in obtaining the valuation.

             (2)  If the Commissioner starts a valuation but the application for the valuation is withdrawn or treated as having no effect under subregulation 31-15.06(3), a fee representing the cost of the incomplete valuation is payable.

31-15.08   Crediting and repaying valuation fees

             (1)  The application fee paid under regulation 31-15.02 is to be credited against the fee for the valuation.

             (2)  An advance payment of a fee paid under regulation 31-15.04 is to be credited against the fee for the valuation.

             (3)  The fee payable for the valuation is a debt due to the Commonwealth and recoverable in a court of competent jurisdiction.

             (4)  However, if the total of advance payments of fees is more than the fee payable for the valuation, the Commissioner must pay the difference to the applicant as soon as practicable.



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