A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination 2020
8. Method 3: State Government or Territo8. Method 3: State Government or Territory Government department valuation
Start here
Get a plain-English read of 8. Method 3: State Government or Territo
Turn the raw legal text into a practical explanation grounded in A New Tax System (Goods and Services Tax) Margin Scheme Valuation Requirements Determination 2020.
8. Method 3: State Government or Territory Government department valuation
For a valuation based on a valuation made by or on behalf of a State Government or a Territory Government to be an approved valuation for the purposes of Division 75, that valuation must be made in accordance with the following requirements:
(1) the valuation must be made by adopting as the valuation the most recent valuation of the interest, unit or lease made before the valuation date by or on behalf of a State Government or a Territory Government department for rating or land tax purposes; and
(2) the valuation must be made by the time specified in section 10 below.