|Ruling number||FHOG 003|
|Date issued||24 February 2016|
|Issued by||Stephen R Brady|
Chief Commissioner of State Revenue
|Effective from||1 March 2016|
The Valuers Act 2003, which required persons practising as property valuers in NSW to be registered, has been repealed, effective 1 March 2016.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 36A of the First Home Owner Grant (New Homes) Act 2000 (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 or consideration for the purpose of section 36A.
Effective from 1 March 2016, section 36A(1) of the Act states:
For the purposes of determining the total value of a transaction, the Chief Commissioner may do any one or more of the following:
For the purpose of section 36A, the following persons are considered suitably qualified to provide evidence of the value of property or consideration:
A valuation made by any other person would need to be considered on a case by case basis by the Chief Commissioner.