Commonwealth Consolidated Regulations

INCOME TAX ASSESSMENT REGULATIONS 1997 - REG 31.15.07

         (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 31‑15 (1) of the Act applies, the Commissioner is likely to require specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, if an expert professional valuation is required because of the location and nature of the land).

         (2)   If the Commissioner starts a valuation, but the application
for the valuation is withdrawn or is treated as having no effect under regulation 31‑15.06:

                (a)    a fee is payable for the incomplete valuation; and

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