Commonwealth Consolidated Regulations

INCOME TAX ASSESSMENT REGULATIONS 1997 - REG 30.212.10

         (1)   The fee for carrying out a valuation is the greater of:

                (a)    the sum of:

                          (i)    for each complete hour taken to carry out the valuation -- $174; and

                         (ii)    for a part of an hour -- an amount worked by multiplying $2.90 by the number of minutes taken; and

               (b)    the actual cost of the valuation.

Note    For some types of property to which subsection 30‑212 (1) of the Act applies, the Commissioner is likely to need specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, the professional valuation of artwork).

         (2)   If the Commissioner starts a valuation, but the application for the valuation is withdrawn or treated as having no effect under subregulation 30‑212.09 (3):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)    a fee is payable for the incomplete valuation; and

               (b)    the fee is to be worked out in accordance with subregulation (1).