Duties Act evidentiary requirements: Section 162

Sec 162

Valuation of property

1. A formal valuation report (including letter of instruction), prepared by a suitably qualified person within the last 3 months of the relevant acquisition, of the unencumbered value of all the landholdings including the landholdings of any linked entities.
2. A formal valuation report (including letter of instruction), prepared by a suitably qualified person, of the unencumbered value of the fixtures/tenant’s fixtures/items fixed to the land.
3. Evidence of value of goods of the landholder and any linked entities (even if the linked entities do not hold land).

Note:

1. Evidence of value to be supplied should be in accordance with the following Revenue Rulings:
   • DUT 012 v4: Evidence of value requirements and guidelines, and
   • DUT 044 v2: Valuation of property – suitably qualified person and
   • DUT 045 v2: Market value and GST
2. For (ii) and (iii), the following may be accepted in some instances:
   • Asset registers of the landholder and its linked entities (including values of assets as at the date of the relevant acquisition)
   • If the asset register includes assets in other jurisdictions, a value allocation summary of the assets in NSW and other jurisdictions
   • Complete financial statements (including notes) for the company or unit trust scheme and their linked entities for financial year relevant to the date of the acquisition. If consolidated financial accounts are supplied, a detailed allocation for the New South Wales land and goods must be provided.
3. Regarding goods, see sections 163K and 163G.