Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 139FB

             (1)  If the share is not quoted on an approved stock exchange on that day, the market value is the arm's length value of the share:

                     (a)  as specified in a written report, in a form approved by the Commissioner, given to the person from whom the taxpayer acquires the share by a person who is a qualified person in relation to valuing the share (see section 139FG); or

                     (b)  as calculated in accordance with any other method approved in writing by the Commissioner as a reasonable method of calculating the arm's length value of unlisted shares.

Partly paid unlisted shares

             (2)  Without limiting the factors that must be taken into account in valuing, under paragraph (1)(a), a share that is partly paid, the qualified person must take into account:

                     (a)  the amount unpaid on the share; and

                     (b)  the amount and timing of future calls; and

                     (c)  rights to dividends that arise from holding the share.