New Interim Assessments and Valuations – WA.
We are starting to see the Commissioner using the powers under the Administration Act and Duties Act to raise interim assessments. In addition several requests have been made for the client to provide a valuation of the property. The rules and requirements can be tricky and onerous, especially when it comes to providing a valuation that needs be within the Commissioner’s estimate by 15%.
This is not as straight forward as it seems as the Commissioner’s instructions and assumptions as to how to value land for duty purposes may be different to accepted industry standards. The Commissioner, to our knowledge, has not issued guidelines on how land should be valued. The Act attempts to provide some “guidance”, but this still has differing views as to its application.
The penalties can be unjustly severe so should a request occur, careful consideration is needed.