Document ID: chunk:federal_register_of_legislation:F2022L01013:reg:4:p1
Version: federal_register_of_legislation:F2022L01013
Segment Type: reg
Provision Reference: reg 4 (pt 1/2)
Character Range: 3213–5873

4  Definitions
  In this instrument:
accredited valuer, in relation to property, means a person who is:
 (a) accredited as a certified practising valuer by the Australian Property Institute; or
 (b) a professional member of the Royal Institution of Chartered Surveyors who is entitled to be described as a Chartered Valuation Surveyor; or
 (c) registered or otherwise authorised, under the laws of the State or Territory in which the property is situated, to value that kind of property.
Act means the Veterans' Entitlements Act 1986.
Commission means the Repatriation Commission continued in existence by section 179 of the Act.
Part 2—Adjusted value for real assets and real property

       5  Method for working out market value and adjustments to that value
        (1) For the purposes of subparagraphs 52ZMAA(5)(a)(i) and (b)(i) of the Act, the market value of real assets or real property, at the time (the event time) the event mentioned in paragraph 52ZMAA(1)(c) or (2)(c) of the Act occurs in relation to the debt concerned, is the market value worked out under subsection (2).
 (2) The market value of the real assets or real property is:
 (a) if the assets are sold, or the property is sold, before the event time—the sale price of the assets or property; or
 (b) if paragraph (a) does not apply and the Commission and the person seeking to repay the debt, or the person from whom the Commonwealth seeks to recover the debt, agree to a value of the assets or property—the agreed value; or
 (c) if paragraphs (a) and (b) do not apply and the Commission is satisfied that:
 (i) the market value of the assets or property for one or more days (each of which is a valuation day) within the period of 3 months before the event time has been determined by an accredited valuer or valuers; and
 (ii) there has been no material change in circumstances affecting the market value since the most recent valuation day;
  the market value as so determined for the most recent valuation day; or
 (d) if paragraphs (a), (b) and (c) do not apply—the market value, at the event time, as determined by an accredited valuer.
 (3) However, if the Commission reasonably believes the sale price for the real assets or real property under paragraph (2)(a) is reduced because the assets are undervalued, or the property is undervalued, due to:
 (a) the sale not being conducted in good faith;
 (b) the sale not being conducted on fair and reasonable terms; or
 (c) the sale being conducted between parties who were not dealing with each other at arm's length; or
 (d) any other circumstances;

       the market value of the assets or property is the market value, at