In a media release issued on 19 November 2013, the Inspector-General of Taxation, Ali Noroozi, announced terms of reference for his review into the ATO's administration of valuation matters and called for stakeholder submissions.
"Australia's tax and superannuation laws are increasingly relying on concepts such as market value," Mr Noroozi said. "Whilst there may be sound economic reasons for using such concepts, their use has resulted in a growing need for taxpayers to undertake significant valuation work," he said.
"The main source of taxpayer concern is the compliance burden that valuations necessitate," Mr Noroozi said. "Critically, valuations are inherently subjective and can be a source of significant uncertainty leading to ATO disputes which can be frustrating, time-consuming and costly," he said.
"Stakeholders have also raised concerns with the independence, capability and the ATO's engagement of the AVO and private sector valuers," he said.
Terms of reference and submission guidelines for the review can be found here
Submissions will be treated as confidential and are due by 20 December 2013.