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Other assets owned by an entity 043-04060050

For Complex Assessment Officer (CAO) use.

This document outlines how to establish what is considered an entity asset and how to assess the value of assets owned by a customer.

Recording and processing assets owned by an entity

Step	Action
1	Is the asset one of the following types? life insurance livestock (Off - farm) motor vehicles and/or boats and accessories caravans and like vehicles taxi plates other (art collections, leaseholds, fishing licences, etc.) Yes, go to Step 2. Note: the Other Assets (OAS) screen is used to record assets of an entity that are not shares or managed investments. There is no Savings Summary (SVS) screen for trusts or companies. All bank accounts, loans, term deposits and the like are recorded as a financial investment on the OAS screen No, see: Assessment and sale of real estate and timeshare asset Adding shares and securities Managed investments - adding a new investment Procedure ends here. Note: borrowing and formation expenses are not included as assets and should be removed from the assessment of the entity assets. See Assessment of liabilities for trust and companies > Resources page > Scenarios.
2	Adjust assets values to the current market value of the asset Is a valuation required? Yes, go to Step 3 No, go to Step 5
3	Reassessing the value of real estate assets See Reassessing the value of real estate and other assets, for assistance in requesting a valuation.
4	Code the details Code the details on a DOC, stating the date the request was made to the approved valuer.
5	Update other assets Update Other Assets (OAS) screen with details - In the Type: field, code one of the following values: 'PEQ' = Plant and Equipment 'LIV' = Livestock 'FIN' = Financial Investments other than non-primary production shares or managed investments 'INT' = Intangibles 'OBA' = Other Business assets In the Description: field, record a free text description. If the asset being recorded is used for primary production purposes, code a 'Y' in the Prim Prod Ind: field. This will allow the system to apply the primary production aggregation rules. If the asset is money held in a bank account from the sale of the controller's principal home and an asset exemption applies, the CAO will also need to update the Trust/Company Liabilities (TRLD) screen with the value of the exempt asset and code a review for the end of the exemption period. The OAS screen does not have a New home asset deduction field. For further details regarding sale of home, see Sale of principal home. The Event Date: field is used to code the day the circumstances occurred. For each new Event Date recorded there will be a new line on the OAS screen for that asset. In the Asset Value $: field, code the current market value of the asset in whole dollars. In the Valuatn Source: field, code one of the following values. 'CLI' = Client estimate 'VAL' = Formal valuation Note: if the entity no longer has the asset, do not delete the record. Code the Event Date with the date of change in circumstances and the Asset Value as $Nil.