Imported Vehicles, Grey Imports and Carnet De Passages Valuations
Generally, a valuation at landed cost on the wharf needs to be obtained by the importer provided by an expert valuer who will not consider any modification charges, fee, taxes, or duty on the vehicle. Various other factors are considered as where a vehicle is imported at a fraction of the cost of available vehicles in Australia or conversely where there may be a ‘grey import stigma’ on the vehicle. The importation of used vehicles, boats and equipment will generally incur a government stamp duty charge the amount of this charge will be determined by the valuer’s report. The parameters for this type of valuation are specialised and so with imported assets already in the country (imported cars nearly always carry an import stigma and are known as grey imports, these will generally have a lesser market value than cars that have been manufactured to comply when manufactured).
IMPORTED VEHICLES
Grey Imports
Grey imports are vehicles on which duty has been paid and which may or may not have been modified to conform to Australian design and safety regulations. Although these vehicles appear the same as their Australian delivery counterparts, they will generally have less realisable value.
Carnet De Passages Valuation
The Carnet allows travelers to import or export their vehicles temporarily or other items of value, such as broadcasting equipment, without leaving a cash deposit at the border. It is an international guarantee for payment of customs duties and taxes to a government should the vehicle or item not be re-exported from that country. Persons who temporarily import their vehicles or items into countries where the Carnet is required must agree to obey the laws and regulations of that country, particularly the conditions of temporary importation.
The Carnet contains relevant information about the items or vehicle, such as make, model, colour, engine capacity, seating capacity, registration number, owner, and value.
To obtain a carnet, the item owner must provide security based on the age and market value of the items. Generally, three types of security are acceptable from motoring organisations:
- Cash bond
- Banker’s letter of indemnity
- Insurance policy
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Family Law Matters
When getting assets valued for family law matters, the documents produced by the valuer must be in the format required by the Federal Circuit and Family Law Court of Australia. The inspection must be conducted by a person who can demonstrate that he/she is qualified to act as an expert witness in court. There are many experts in various fields, most aren’t certified valuers. Because a valuer cannot be an expert in every case he may contract the services of an experts in various fields and work in collaboration with them. The valuer would then compile, edit and produce the finished report. In this way, a valuation report can include all the assets in one document saving time and money.
Probate
Probate matters are invariably sad times for estate beneficiaries. Many times, a valuation will be required to ascertain the worth of the deceased’s assets. He may have died intestate, there may be a dispute on the value of an asset, or a value may need to be placed on an asset offered for sale by the estate. These valuations must be in the correct format and be admissible as evidence in court if needed.
Recommendation as to an Agreed Valuation For Insurance Purposes
Agreed valuations are generally performed when an insurer or insured requires an independent valuation of an asset where a client has specified that such asset has more value than ascertained by reference to a price guide for whatever reason, modification, rarity, added equipment or modification for a specific purpose etc.