Subdivision 70‑C—Accounting for trading stock you hold at the start or end of the income year

Chapter 1—Introduction and core provisions

1 Name

This instrument is the Income Tax Assessment (1997 Act) Regulations 2021.

3 Authority

(1) Subject to subsection (2), this instrument is made under the Income Tax Assessment Act 1997. (2) Sections 291‑170.05 and 291‑170.07 are made under the Income Tax (Transitional Provisions) Act 1997.

Chapter 2—Liability rules of general application

Part 2‑5—Rules about deductibility of particular kinds of amounts

Division 26—Some amounts you cannot deduct, or cannot deduct in full

26‑85.01 Borrowing costs on loans to pay life insurance premiums—term insurance policy etc.

For the purposes of subsection 26‑85(2) of the Act, the risk component of a premium received in respect of a life insurance policy that is: (a) a term insurance policy; or (b) a rider or supplementary benefit attached to another policy where the sum insured is payable on death within a specified term; is an amount that is equal to the whole of the amount of the premium.

Division 30—Gifts or contributions

30‑212.01 Valuation of gifts

For the purposes of section 30‑212 of the Act, this Division sets out: (a) the procedure for seeking a valuation from the Commissioner of a gift mentioned in that section; and (b) the amounts that the Commissioner may charge for making the valuation; and (c) arrangements for payment of those amounts.

Note: Subsection 30‑212(1) of the Act applies to a person who makes a gift that is covered by a provision of Division 30 of the Act that refers to the value of property as determined by the Commissioner.

30‑212.02 Application for valuation

An application for a valuation must: (a) be in the approved form; and (b) be lodged with the Commissioner; and (c) include the deposit towards the charge for making the valuation required by the approved form, which must not be more than $1,000.

Note: For approved form, see subsection 995‑1(1) of the Act.

30‑212.03 Charge for making valuation

(1) The amount of the charge for making the valuation is an amount equal to the sum of the actual cost of the valuation and all other costs to the Commissioner in obtaining the valuation. (2) However, if the Commissioner starts the valuation but the application for the valuation is withdrawn or treated as having no effect under subsection 30‑212.06(2), the amount of the charge for making the valuation is an amount equal to the costs to the Commissioner in obtaining the incomplete valuation.

30‑212.04 Advance payment of charge

(1) The Commissioner may give the applicant a written statement: (a) requiring the applicant to give the Commissioner an advance payment of the charge that may be payable for making the valuation; and (b) stating the amount of the payment; and (c) explaining how the amount was worked out. (2) The Commissioner may ask for more than one advance payment from the applicant under subsection (1). (3) The applicant must give the Commissioner the advance payment within 14 days after receiving the statement asking for the payment or within such longer period as the Commissioner allows.