![]() The consideration is non-monetary in nature or There is no consideration for the transaction or Ruling When evidence of value is requiredĮvidence of value will usually be sought to verify the adequacy of the consideration in the following circumstances: ![]() This ruling provides some general guidelines as to when evidence of value will be required, and sets out the types of valuations or other evidence of value acceptable to the Chief Commissioner. ![]() The Act does not prescribe the circumstances in which evidence of value will be required.Ī decision to require a person liable to duty to provide evidence of value, and the type of evidence required, are at the discretion of the Chief Commissioner. Section 305 authorises the Chief Commissioner to require a person who is liable to duty to provide a declaration by a suitably qualified person 3 as to the unencumbered value of the property or to provide such other evidence of that value as the Chief Commissioner thinks fit. For the purposes of Chapter 4 of the Act which relates to Landholder transactions, the dutiable value is the unencumbered value of landholdings and goods 2. In general, the dutiable value of dutiable property is the greater of the consideration for the dutiable transaction, and the unencumbered value of the dutiable property (section 21). Duty is charged on the "dutiable value" of the dutiable property the subject of the dutiable transaction. Chapter 2 of the Duties Act 1997 (‘The Act’) 1 imposes duty on certain transactions (‘dutiable transactions’) affecting specified classes of dutiable property.
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