Determination of value
99 Determination of value
The value of underlying land assets under this Part is to be determined according to the market value of the asset at the time that the question of value falls to be determined.
Where no evidence of the value of an underlying land asset or interest acquired or held is furnished to the Commissioner for the purposes of this Part, or the evidence so furnished is, in the Commissioner's opinion, unsatisfactory, the Commissioner may cause a valuation of the asset or interest to be made by some person appointed by the
Commissioner and may apply any such valuation for the purposes of this Part.
The
Commissioner may, having regard to the merits of the case, charge the whole or a part of the expenses of, or incidental to, the making of a valuation pursuant to subsection (3) to any person liable to pay duty under this Part in relation to an acquisition of the underlying land asset or any interest.
A reference in this section to the acquisition of an asset or interest extends to a notional acquisition under this Part.
Any determination of market value under this Part must be based on the unencumbered value.
In addition, when determining the value of an asset or interest—
it is to be assumed that a hypothetical purchaser would, when negotiating the price for any asset or interest, have knowledge of all existing information relating to the asset or interest; and
no account is to be taken of any amount that a hypothetical purchaser would have to expend to reproduce, or otherwise acquire a permanent right of access to and use of, existing information relating to the asset or interest.
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