This Commissioner’s practice outlines the circumstances in which the Commissioner may
- remit some or all of the penalty tax for non-compliance with a request to provide a written valuation
- recover valuation costs from a taxpayer and
- where valuation costs are to be recovered, remit any applicable penalty tax for undervaluation.
This practice only applies where a taxpayer is required to provide a written valuation by a qualified valuer under Commissioner’s Practice TAA 23 ‘Circumstances When a Taxpayer will be Required to Provide a Written Valuation’. This practice does not apply where a valuation has been provided under Commissioner’s Practice TAA 30 ‘Valuation of Land for Duties Purposes’.
