Valuation of property
273 Valuation of property
The Commissioner may require a person who is liable to duty determined by reference to the value of property to provide—
a declaration by a competent valuer as to the unencumbered value of the property; or
any other evidence of that value that the Commissioner thinks fit.
If—
a taxpayer provides information to the Commissioner as to the value of any property that is relevant to an assessment of duty (whether in compliance with a requirement under subsection (1) or otherwise); and
the Commissioner considers that the value of the property is understated—
the Commissioner may refer the matter to the Valuer-General or another competent valuer for valuation of the property.
The taxpayer must pay the cost of a valuation under subsection (2) if—
that valuation exceeds the valuation provided by the taxpayer by 15% or more; and
the taxpayer does not object to the assessment of duty based on the valuation under subsection (2) or, if the taxpayer does object, the valuation of the property as determined on objection, appeal or review exceeds the valuation provided by the taxpayer by 15% or more.
S. 273(4) inserted by No. 85/2005 s. 15.
If a valuation of property covers more than one parcel of land, subsection (3) applies in relation to the valuation of each single parcel of land.
S. 273(5) inserted by No. 85/2005 s. 15.
Subsection (4) does not apply if the valuation under subsection (2) does not lead to an increase in the tax liability of the taxpayer.
Example
A taxpayer is liable to duty on the aggregate value of 3 parcels of land. The taxpayer provides a valuation of each parcel and a valuation is also obtained under subsection (2). If the valuation of any one of those parcels under subsection (2) exceeds the valuation of that parcel provided by the taxpayer by 15% or more and the taxpayer does not object, or the valuation of that parcel as determined on objection, appeal or review exceeds the taxpayer's valuation by 15% or more, the taxpayer must pay the cost of the valuation of that parcel, unless the valuation under subsection (2) does not lead to an increase in the taxpayer's total liability for duty.
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