Page 393 - Week 03 - Thursday, 1 June 1989
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Determination of the Value of the Interest in Land
Copies of agreements for sale and other related documentation will be accepted as evidence of current value where the interest in property was acquired by the company or unit trust within the previous 12 months.
Where the interest was acquired more than 12 months previously a formal valuation report from a licensed valuer or real estate agent is the most acceptable evidence of value and the lodgement of such a report with the share or unit transfer will expedite the assessing of the transfer.
Other alternatives may be accepted by this office for the purpose of interim assessment such as:
recent newspaper advertisements loan application documentation insurance policies over the property
where the Office is satisfied that urgent registration of the transfer is necessary.
However, in most cases only formal valuations will be treated as sufficient evidence of current value.
In the case of leases, a copy of the lease agreement should be enclosed for valuation purposes.
Further Information
Copies of the Determination (Special Gazette No. 5155 of 5 May 1989) may be purchased from the Commonwealth Government Bookshop, 70 Aligns Street, Canberra City.
Further conies of this Information Circular and the Request for information form can be obtained at the Stamp Duties and Taxes Counter, 7th Floor, Wales Building, Wyuna Street, Canberra.
Telephone enquiries for clarification of lodgement and assessing orocedures will be answered on
46 2441 -
46 2265
Enquiries on matters of interpretation should be is writing and addressed to the Commissioner.
COMMISSIONER FOR AC: REVENUE
May 1989
393
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