Western Australian Current Acts Western Australian Current Acts (1) If it is necessary
to ascertain the value of any property, consideration or benefit for the
purposes of a taxation Act, the Commissioner may require the taxpayer to
provide —
(a) a
written valuation of the property, consideration or benefit by a qualified
valuer; and
(b) any
document or other record in the possession or control of the taxpayer that is
relevant to determining the value of the property, consideration or benefit.
(2A) A requirement
under subsection (1) may include that —
(a) a
valuation, document or other record be provided in an electronic format; and
(b) a
valuation include or be accompanied by the methods, models and assumptions (if
any) used in arriving at the valuation; and
(c) if
methods, models and assumptions must be provided electronically — they
be provided in a form that allows the Commissioner to examine and test them
for the purposes of determining whether to adopt the valuation.
(2B) A taxpayer may,
in a particular case, comply with a requirement under subsection (1)(a) by
providing other evidence as to the value of the property, consideration or
benefit satisfactory to the Commissioner.
(2) A requirement must
specify the date on or before which the taxpayer is required to comply with
it.
(3) A person who does
not comply with a requirement commits an offence.
Penalty: $20 000.
[Section 21 amended: No. 10 of 2013 s. 29.]