Introduction of interim assessments and Valuation obligations
Revenue Laws Amendment Act 2013 – Effective 26 September 2013
The Commissioner has recently gained the legislative authority to request a taxpayer to undertake a valuation of the property, the subject of the transaction, at their cost. If this valuation differs from the Commissioner’s valuation (if the Commissioner chooses to undertake one) by more than 15%, then heavy penalties, in addition to the duty could be payable.
Interim assessments allow an assessment to be issued on an amount that is known or not in dispute, this is followed up with a final assessment once all issues have been resolved.
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