There are many circumstances where a professional valuer is needed to comply with state or federal laws or procedures.
Where a related party sells property the state taxaing authority may require a certified valuation so that property sales prices are not under reported. It is also important for Federal taxation for similar reasons to ensure the fair amount of taxation ius paid.
Family Court Matters
So that a fair property valuation can be established in dissolving a marriage or defacto relationship an independent registered valuer is required.
Self Managed Superannuation
For compliance, taxation and other regulatory reasons self managed superannuations may required a licensed property valuer to establish the correct price of a property asset.
Probate and Estate Planning
Where a will leaves property to a person or persons as a percentage, then that property must be assessed so that a fair proportion of the assets of the will are in keeping with the wishes of the deceased. Wills need to be finalised by the Supreme court, so only qualified and licensed valuers will be allowed.
It is common to transfer property between friends and relatives but State Revenue will not process it without being sure that the value has not been under reported. For this reason licensed valuers are required to establish a fair value.
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