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Direct links to the current provisions in Income Tax Assessment Regulations 1997.
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These Regulations are the Income Tax Assessment Regulations 1997.
These Regulations are the Income Tax Assessment Regulations 1997.
The risk component of a premium received in respect of: (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 the whole of the premium.
For section 30‑212 of the Act, this Division sets out: (a) the procedure for seeking a valuation of a gift mentioned in that section; and (b) the fees that may be payable for the valuation; and (c) arrangements for payment of fees.
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 Part 2‑5 of the Act that refers to the value of property as determined by the Commissioner.
Note: The effect of subsection 30‑212(1) is that the person must seek the valuation from the Commissioner.
Note: Under subsection 30‑212(2), the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation.
An application for a valuation under subsection 30‑212(1) of the Act must: (a) be in the approved form; and (b) be lodged with the Commissioner; and (c) include the application fee required by the approved form, which must not be more than $1 000.
Note: Section 995‑1 of the Act provides that approved form has the meaning given by section 388‑50 in Schedule 1 to the Taxation Administration Act 1953. That section provides that an application under a taxation law is in the approved form if, and only if:
(a) it is in the form approved in writing by the Commissioner for that kind of application; and
(b) it contains a declaration signed by a person or persons as the form requires; and
(c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise.
(1) An application for a valuation of property other than real property must include a certificate of the authenticity of the property. (2) If the Commissioner is not satisfied that a certificate of authenticity is adequate, the Commissioner may: (a) make arrangements to obtain 1 or more certificates of authenticity; and (b) charge the applicant a fee that is not greater than the cost of obtaining the certificate.
(1) An applicant for a valuation may ask the Commissioner for an estimate of the likely fee for the valuation. (2) If the Commissioner is asked for an estimate: (a) the Commissioner must comply with the request as soon as practicable; but (b) the Commissioner is not bound by the estimate.
(1) The Commissioner may require an applicant for a valuation to give the Commissioner an advance payment of the fee that may be payable for the valuation. (2) If the Commissioner requires an advance payment, the Commissioner must give the applicant a written statement: (a) requiring the payment; and (b) stating the amount of the payment; and (c) explaining how the amount was worked out. (3) The Commissioner: (a) may require an advance payment only within 14 days after receiving an application; and (b) may require more than 1 advance payment during that period from the same applicant. (4) The applicant must give the Commissioner the advance payment within 14 days after receiving the statement requiring the payment.
(1) If the Commissioner decides to obtain a certificate of authenticity under regulation 30‑212.05, the Commissioner is not required to consider the application to which the certificate relates until the Commissioner receives the certificate. (2) If the Commissioner is preparing an estimate of a fee under regulation 30‑212.06, the Commissioner is not required to consider the application to which the estimate relates until the Commissioner has given the estimate to the applicant. (3) If the Commissioner has required the advance payment of a fee under regulation 30‑212.07, the Commissioner is not required to consider the application to which the payment relates until the fee is paid.
(1) If an application for a valuation does not comply with regulation 30‑212.02: (a) the Commissioner must treat the application as having no effect; and (b) the Commissioner must give the applicant a written statement that the application is being treated that way. (2) If an application for a valuation does not include all of the application fee: (a) the Commissioner must treat the application as having no effect; and (b) the Commissioner must give the applicant a written statement that the application is being treated that way. (3) If the Commissioner has required the advance payment of a fee under regulation 30‑212.07, and the fee is not paid within the time mentioned in subregulation 30‑212.07(4): (a) the Commissioner must treat the application to which the payment relates as having no effect after that time; and (b) the Commissioner must give the applicant a written statement that the application is being treated that way.
Note: Subregulation 30‑212.10(2) is relevant to an application that is treated as having no effect under subregulation (3).
(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.
(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.
(1) If the Commissioner completes a valuation, the Commissioner must give a valuation certificate to the applicant for the valuation. (2) The Commissioner must approve, in writing, 1 or more forms of a certificate. (3) The certificate must include the following information: (a) the date on which the valuation was completed; (b) a description of any real property (including a lot and plan number, title reference and the location of the property); (c) a full description of property other than real property; (d) the period for which the valuation is in force; (e) a statement of the valuation. (4) The certificate may include other information. (5) The Commissioner must not give a valuation certificate to the applicant until: (a) the valuation has been completed; and (b) the Commissioner has received the full amount of the fees payable for the valuation.
For section 31‑15 of the Act, this Division sets out: (a) the procedure for seeking a valuation of the change in the market value of the land mentioned in that section; and (b) the fees that may be payable for the valuation; and (c) arrangements for the payment of fees.
Note: Section 31‑15 of the Act applies to a person who enters into a conservation covenant over land owned by the person, if the conditions mentioned in subsection 31‑5(2) of the Act are met. Subsection 31‑15(1) provides that the person must seek a valuation of the change in the market value of the land from the Commissioner. Subsection 31‑15(2) provides that the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation.
An application for a valuation under subsection 31‑15(1) of the Act must: (a) be in the approved form; and (b) be lodged with the Commissioner; and (c) include a copy of the conservation covenant; and (d) include the application fee required by the approved form, which must not be more $1 000.
Note: Section 995‑1 of the Act provides that approved form has the meaning given by section 388‑50 in Schedule 1 to the Taxation Administration Act 1953. That section provides that an application under a taxation law is in the approved form if, and only if:
(a) it is in the form approved in writing by the Commissioner for that kind of application; and
(b) it contains a declaration signed by a person or persons as the form requires; and
(c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise.
(1) An applicant may ask the Commissioner for an estimate of the likely fee for the valuation. (2) If the Commissioner is asked for an estimate: (a) the Commissioner must give the estimate as soon as practicable; and (b) the Commissioner is not bound by the estimate.
(1) The Commissioner may, within 14 days after receiving an application, give to the applicant a written statement: (a) requiring the applicant to give to the Commissioner an advance payment of the fee that may be payable for 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 1 advance payment during the period mentioned in subregulation (1) from the same applicant. (3) The applicant must give to the Commissioner the advance payment within 14 days after receiving the statement asking for the payment.
(1) If the Commissioner is preparing an estimate of a fee under regulation 31‑15.03, the Commissioner is not required to consider the application to which the estimate relates until the Commissioner has given the estimate to the applicant. (2) If the Commissioner has required the advance payment of a fee under regulation 31‑15.04, the Commissioner is not required to consider the application to which the payment relates until the fee is paid.
(1) If an application for a valuation does not comply with regulation 31‑15.02, the Commissioner must: (a) treat the application as having no effect; and (b) give to the applicant a written statement that the application is being treated that way. (2) If an application for a valuation does not include all of the application fee, the Commissioner must: (a) treat the application as having no effect; and (b) give to the applicant a written statement that the application is being treated that way. (3) If the Commissioner has required the advance payment of a fee under regulation 31‑15.04, and the fee is not paid within the time mentioned in subregulation 31‑15.04(3), the Commissioner must: (a) treat the application to which the payment relates as having no effect after that time; and (b) give to the applicant a written statement that the application is being treated that way.
Note: Subregulation 31‑15.07(2) is relevant to an application that is treated as having no effect under subregulation (3).
(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.
(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.
(1) If the Commissioner completes a valuation, the Commissioner must give a valuation certificate to the applicant for the valuation. (2) The Commissioner must approve, in writing, 1 or more forms of a certificate. (3) The certificate must include the following information: (a) the date on which the valuation was completed; (b) a description of the land (including a lot and plan number, title reference and the location of the land); (c) a statement of the market value of the land immediately before the conservation covenant was entered into; (d) a statement of the market value of the land immediately after the conservation covenant was entered into; (e) a statement of the difference between the market value mentioned in paragraph (c) and the market value mentioned in paragraph (d); (f) a statement of the extent to which the difference mentioned in paragraph (e) is attributable to the conservation covenant being entered into. (4) The certificate may include other information. (5) The Commissioner must not give a valuation certificate to the applicant until: (a) the valuation has been completed; and (b) the Commissioner has received the full amount of the fees payable for the valuation.
For the purposes of paragraph 50‑50(1)(c) of the Act, each institution mentioned in an item in the following table is a prescribed institution on and after the date mentioned in the item:
| Item | Name of institution | Date of effect |
|---|---|---|
| 1 | Catholic Bishops’ Conference of the Pacific (Fiji) | 1 July 1997 |
| 2 | Catholic Diocese of Rarotonga (Cook Islands) | 1 July 1997 |
| 3 | Catholic Diocese of Bougainville (Papua New Guinea) | 1 July 1997 |
| 4 | Catholic Diocese of Port Vila (Vanuatu) | 1 July 1997 |
| 5 | Catholic Diocese of Suva (Fiji) | 1 July 1997 |
| 6 | Catholic Diocese of Noumea (New Caledonia) | 1 July 1997 |
| 7 | Catholic Diocese of Tonga | 1 July 1997 |
| 8 | Catholic Diocese of Auki (Solomon Islands) | 1 July 1997 |
| 9 | Catholic Archdiocese of Rabaul (Papua New Gui |
This is an opening excerpt, not the complete document.