Real estate owned by a private trust or private company 043-04060040

This information is usually based on information provided on the Private Trust (MOD PT) form, Private Company (MOD PC) form or Special Disability Trust (MOD SDT) form and accompanying documents.

The organisation may own more than one item of real estate. Each will need to be valued and recorded separately.

Has the entity supplied all relevant information?

• Yes, go to Step 3
• No, go to Step 2

Issue the Company real estate details section of the MOD PC or the Trust real estate details section of the MOD PT to obtain details of property and any other forms required for the entity. See Requesting information (CLK).

Rural questionnaire

The Rural Property Questionnaire (Q454) is used in conjunction with the real estate details section of the MOD PC or MOD PT for medium to large farm properties. It collects additional information from the customer for the valuer, to enable them to better correctly value the property from the roadside. Generally, if the property is operated as a commercial enterprise, then issue the Q454 in addition to the real estate details section of the MOD PC or MOD PT.

The Q454 is not needed for smaller properties such as hobby farms with minimal farm improvements or bush blocks. Where the whole property is exempt because it is the principal home, or it is an exempt farm asset, do not issue a Rural Property Questionnaire for that property.

If required, issue the Rural Property Questionnaire (Q454). See Requesting information (CLK).

Procedure ends here until the information has been provided and/or the review for the return of information has matured.

Complete the following fields of the Real Estate/Business Identifying (REBI) screen.

The REBI screen is used to record the type, description and address details of real estate.

• Real Estate/Business Type: code the appropriate type of real estate
• Description: enter a description for the real estate, this field is not mandatory
• Principal Home: enter 'Y' for yes, if the real estate is the customer's principal home or 'N' for no if not the principal home
• Sold/Gifted/Ceased: update if sold, gifted/transferred, no longer assessable. Enter valid code using field help '?'. See Assessment and sale of real estate and timeshare asset
• Authority to inspect: 'Yes' or 'No'. It is important that this field is coded as it will assist the Services Australia contracted third party valuer to obtain access to the property including when a full inspection is required
• Land Titles Reference: enter the land title reference (the rates notice will contain this information). If the property has multiple land title references, record each individual reference.
• Multiple Titles: this field is for information only. Three options are available 'Y' for yes, 'N' for no. Blank is the default. Leave blank if unknown

Note: code 'N' for no, where the customer's property has a single title document, even if it is made up of multiple adjoining lots. Where a customer's property is on multiple titles, and they are all adjoining, they are to be recorded as one real estate record. The Multiple Title indicator should be set to 'Y' for yes in these cases. More information on multiple lots on the one title document can be found in Assessing and coding real estate details.

Address: Town/Suburb: Postcode: State: Country: code the address details. The customer must uniquely identify the location of any real estate or business site they own or have an interest in. For more information on a real estate address, see Assessing and coding real estate details.

Select [ENTER], the Real Estate (RE) screen appears. Update the real estate details:

• Event date: date of event
• % Asset Owned: % of the real estate owned by the entity
• Asset Valn Source: '?' on this field will provide assistance
• Current market value: record customer's estimate until a valuation is provided (if a valuation is requested). Note: value of the overseas property is converted from the foreign currency into $AUD

Upon valuation of the real estate, complete the Valuers job number and Valuers property number fields as provided by the Valuations Helpdesk.

Go to Step 4.

Is the real estate a house owned by the entity and occupied by a customer or part of a Special Disability Trust (SDT)?

See Customer's principal residence owned by a private trust or private company - determining home ownership for more information. Note: it is not necessary to determine home ownership for the principal beneficiary of an SDT.

• Yes, go to Step 5
• No, go to Step 6

Code 'Y' in the Go To REHC? field.

For more information, see Home property adjustment amount and apportionment calculations on entity owned residences.

Finalise the assessment and record the results on a DOC.