Today, the Minister for Revenue and Assistant Treasurer, Peter Dutton, announced that the Government is making the rules 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 said.
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 about 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 any thing affecting their tax obligations.
Treasury is currently drafting Regulations to give effect to this new valuations regime. There will be opportunities to provide input on the draft Regulations.