Income Tax Act 2007 section 783

Valuations and apportionments

Section 783 establishes the rules for carrying out valuations and apportioning amounts when applying the provisions of this Chapter on transactions in land.

• All valuations that are needed to give proper effect to the transactions in land provisions must be carried out
• Any expenditure, receipt, consideration or other amount may be apportioned as required
• The method of apportionment used must be just and reasonable in the circumstances
• These rules ensure the Chapter can be applied accurately where values need to be established or amounts need to be split