Valuation of property – suitably qualified person (superseded)
Section 305 Valuation of Property
Ruling number
|
DUT 044
|
Date issued
|
24 February 2016
|
Issued by
| Stephen R Brady
Chief Commissioner of State Revenue
|
Effective from
|
01 March 2016
|
Effective to
| 4 September 2023 |
Status
| Superseded by DUT 44 v2 |
Preamble
- The Valuers Act 2003, which required persons practising as property valuers in NSW to be registered, has been repealed, effective 1 March 2016.
- As a consequence section 305 of the Duties Act 1997 (the Act) has been amended to remove references to registered valuers and replace them with references to suitably qualified valuers.
- This ruling sets out who the Chief Commissioner considers is ‘suitably qualified’ to provide a valuation of property for the purpose of section 305.
- It should be read in conjunction with Revenue Ruling DUT 012.
Ruling
Section 305 Valuation of Property
- Effective from 1 March 2016 section 305(1) of the Act states:
- The Chief Commissioner may, for the purpose of determining whether a person is liable for duty or determining a person’s liability for duty:
- require the person, by notice in writing given to the person, to provide any evidence of the value of property that the Chief Commissioner considers appropriate, or
- obtain a valuation of property from a person the Chief Commissioner is satisfied is suitably qualified to provide evidence of the value of property, or
- rely on a valuation of property prepared for any purpose by a person the Chief Commissioner is satisfied is suitably qualified to provide evidence of the value of property.
Suitably Qualified Person
- For the purpose of section 305 the following persons are considered suitably qualified to provide evidence of value of property:
- a member of the Australian Valuers Institute (other than an associate or student member), or
- a member of the Australian Property Institute (other than a student or provisional member), who has acquired membership in connection with his or her occupation as a valuer, or
- a member of the Royal Institution of Chartered Surveyors who holds the designation “Chartered Valuer” or 'Chartered Valuation Surveyor'.
- The valuer’s qualifications and relevant membership number need to be shown in the valuation. For Electronic Duties Returns (EDR) clients the membership number and other details will need to be inserted in the appropriate field for online assessments.
- A valuation made by any other person would need to be considered on a case by case basis by the Chief Commissioner.
- This ruling only deals with the professional qualifications of a person ‘suitably qualified’ to provide evidence of value of a property. In a particular case other qualifications may be relevant, for example, experience and expertise in valuing property of a particular kind, such as a hotel, mine or motorway.