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B37/1995 UPDATING OF PROPERTY VALUATION
DATE OF ISSUE: 22 MAY 1995
UPDATING OF PROPERTY VALUATION
Departmental Instruction No B10/95 (issued 13 February 1995) advised you of:
.modifications to the annual Assets Test; and
.the continuation of the annual exercise of updating property values.
Details of the Property Valuation Production run and the processing of valuations appear in Departmental Instruction B49/94 (issued 18 October 1994).
State Offices will receive the updated property valuations during the week beginning 15 May 1995.
ACTION TO BE TAKEN BY STATE OFFICES
The new valuation date entered on PIPS is 31 December 1994. Even if the value of the property does not change, the new valuation date is entered on PIPS.
Any cases where the system is to be updated should be registered as DIA on CMS and attributed as AVO. The AVO attribute went into production on 15 May.
Updating the Property Screen (PP.PR)
Add or update the information on this screen eg.
.AVO job number
.AVO ID number
Please check on the valuation print out for any comments in the Text area. There were a number of cases where form numbers were entered instead of VA numbers, etc. and the correct information should be recorded there.
In some cases the property value will be affected by plant and equipment, mortgage, etc. Examiners will need to obtain up to date information from the pensioner regarding the current value of these additions/deductions if this is not already available.
(a)any reduced valuation that would increase the rate of pension payable should be included in the assessment from the first pension payday after 15 April 1995.
(b)any increased valuation that decreases the rate of pension payable should be included in the assessment from payday 6 July 1995, in line with any variation in the Asset Threshold.
The contact officer for this exercise is Ric Moore on (06) 2894707.
A/G ASSISTANT SECRETARY