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DUTIES ACT 2001 - SECT 505 Valuation or evidence of value of property

DUTIES ACT 2001 - SECT 505

Valuation or evidence of value of property

505 Valuation or evidence of value of property

(1) For determining whether a person is liable for duty or a person’s liability for duty, the commissioner may—
(a) by notice given to the person, require the person to lodge a valuation of property prepared by a registered valuer or to provide the other evidence of value the commissioner considers appropriate; or
(b) have property valued; or
(c) rely on a valuation of property prepared by a registered valuer, or other person the commissioner is satisfied is properly qualified to provide evidence of value of the property, for any purpose, whether or not for determining liability for duty.
(2) If the commissioner is not satisfied with the valuation or evidence lodged or provided under subsection (1) (a) , the commissioner may—
(a) have the property valued; or
(b) rely on a valuation of the property prepared by a registered valuer, or another person the commissioner is satisfied is properly qualified to provide evidence of value of the property, for any purpose, whether or not for determining liability for duty under this Act.
(3) The commissioner may recover the cost of obtaining a valuation under this section from the person or persons liable for the duty.
(4) The commissioner may assess duty on the basis of a valuation or evidence obtained under this section.