Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.450

Values of assets and investments of entities without auditors

             (1)  If, under a provision of this Subdivision, the value of an asset or investment at a particular time is the value provided for by this section, that value is:

                     (a)  if paragraph (b) does not apply--its * market value at that time; or

                     (b)  the amount stated to be its current market value, at that time or a time in the 12 months preceding that time, in a statutory declaration by:

                              (i)  if the entity is a company--the directors of the company; or

                             (ii)  if the entity is a unit trust--the trustees of the unit trust.

             (2)  Paragraph (1)(b) does not apply if the Commissioner reasonably believes that the amount stated in the statutory declaration to be the * market value of the asset or investment at the relevant time is inaccurate.



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