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Valuation principles: Where do taxpayers stand? presentation

Published on 11 Sep 14 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

This presentation covers:

  • a number of provisions of the taxation laws rely on the concept of “market value”
  •  “market value” is not generally well defined
  • test in Spencer v Commonwealth:
    • value which would be agreed between a knowledgeable, willing but not anxious buyer and seller acting at arm’s length
    • “highest and best use”
  • area for dispute remains
  • RCF: regard must be had to the relevant statutory context.

Author profile:

Sarah DUNN


 

This was presented at Corporate Tax Masterclass .

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