CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Australia Simplifies Process For Private Rulings Requiring Valuations

Australia Simplifies Process For Private Rulings Requiring Valuations

by Mary Swire, Tax-News.com, Hong Kong

29 August 2007


Australia's Minister for Revenue and Assistant Treasurer, Peter Dutton, has announced that the Government is seeking to make things easier for taxpayers seeking valuations as part of a private ruling.

"The changes mean that taxpayers will not be charged by the Tax Office for a review of a valuation where that valuation was conducted professionally by a member of an approved professional association," Mr Dutton explained.

Where the taxpayer has not provided their own valuation, or the valuation they provided was not conducted by a member of an approved professional association, the Tax Office will retain the power to charge the taxpayer for the valuation process.

These valuation arrangements come as a result of the Government's recent reforms to the taxation rulings and advice regime. Taxpayers are now able to obtain private rulings on a wider range of issues including issues relating to liability, administration, procedure and collection, and ultimate conclusions of fact. Taxpayers are also able to obtain private rulings about the value of anything affecting their tax obligations.

The Australian Treasury is currently drafting Regulations to give effect to this new valuations regime. It has stated that there will be opportunities to provide input on the draft Regulations in due course.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »