{"id":"F2022L01013","name":"Veterans’ Entitlements (Pension Loans Scheme—Market Value) Determination 2022","slug":"veterans-entitlements-pension-loans-scheme-market-value-determination-2022","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102538,"registerId":"commonwealth-F2022L01013-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n This instrument is the Veterans’ Entitlements (Pension Loans Scheme—Market Value) Determination 2022.","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. The whole of this instrument

The later of:

(a) 1 July 2022; and

(b) the day after this instrument is registered.

\n```\n\n> Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.","sortOrder":2},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n This instrument is made under subsection 52ZMAA(6) of the Veterans’ Entitlements Act 1986.","sortOrder":3},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n In this instrument:\n\n> accredited valuer, in relation to property, means a person who is:\n\n (a) accredited as a certified practising valuer by the Australian Property Institute; or\n (b) a professional member of the Royal Institution of Chartered Surveyors who is entitled to be described as a Chartered Valuation Surveyor; or\n (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.\n\n> Act means the Veterans’ Entitlements Act 1986.\n\n> Commission means the Repatriation Commission continued in existence by section 179 of the Act.\n\n> Part 2—Adjusted value for real assets and real property","sortOrder":4},{"sectionNumber":"5","sectionType":"section","heading":"Method for working out market value and adjustments to that value","content":"#### 5 Method for working out market value and adjustments to that value\n\n (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).\n (2) The market value of the real assets or real property is:\n (a) if the assets are sold, or the property is sold, before the event time—the sale price of the assets or property; or\n (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\n (c) if paragraphs (a) and (b) do not apply and the Commission is satisfied that:\n (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\n (ii) there has been no material change in circumstances affecting the market value since the most recent valuation day;\n the market value as so determined for the most recent valuation day; or\n (d) if paragraphs (a), (b) and (c) do not apply—the market value, at the event time, as determined by an accredited valuer.\n (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:\n (a) the sale not being conducted in good faith;\n (b) the sale not being conducted on fair and reasonable terms; or\n (c) the sale being conducted between parties who were not dealing with each other at arm’s length; or\n (d) any other circumstances;\n the market value of the assets or property is the market value, at the time of the sale, as determined by an accredited valuer.\n Adjustments to market value\n (4) For the purposes of subparagraphs 52ZMAA(5)(a)(ii) and (b)(ii) of the Act, the market value of the real assets or real property worked out under this section is reduced by the total value of any charges or encumbrances over the assets or property, other than any charge referred to in paragraph 52ZA(3)(c) or section 52ZF, worked out:\n (a) if the assets are sold, or the property is sold, before the event time—immediately before the assets are sold or the property is sold; or\n (b) if paragraph (2)(b) applies—at the time of the agreement; or\n (c) if paragraph (2)(c) applies—at the end of the most recent valuation day; or\n (d) if paragraph (2)(d) applies—at the event time.","sortOrder":5}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: establishing valuation methodologies for the Pension Loans Scheme under the specific empowering provision (subsection 52ZMAA(6)). It does not expand beyond determining market value and adjustments to that value for real assets/property."},"complexity_factors":["Short instrument with only 5 substantive sections","Clear hierarchical structure with only 4 defined terms","Simple conditional logic in section 5(2) with explicit priority order (a) through (d)","Single cross-reference to parent Act (Veterans' Entitlements Act 1986) for context","Straightforward anti-avoidance provision in subsection (3) with plain English triggers ('not conducted in good faith', 'not at arm's length')","Mechanical adjustment formula in subsection (4) that mirrors the valuation hierarchy"],"plain_english_summary":"This Determination sets a clear framework for valuing veterans' property under the Pension Loans Scheme, affecting veterans and their families, the Repatriation Commission, and accredited valuers. It prescribes a stepwise approach to establish market value, allows the Commission to disregard suspiciously low sale prices, and deducts existing mortgages or debts (not PLS debt) from recoverable equity. The rules promote transparency and protect both families and taxpayers."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This determination does not expand or narrow who is covered by the Veterans’ Entitlements Act; it implements a method for calculating market value and deductions for debt recovery under the Pension Loans Scheme as authorised by subsection 52ZMAA(6) of the Act (s3). It specifies procedural and evidentiary rules (s5) rather than altering eligibility or substantive entitlements."},"complexity_factors":["Tiered valuation rule that selects among sale price, party agreement, recent accredited valuations within 3 months, or a fresh accredited valuation (s5(2)(a)-(d)).","Commission discretion to accept agreed values or to be satisfied about recency and lack of material change (s5(2)(b),(c)); this introduces administrative judgment.","Broad grounds for rejecting a sale price that appears reduced, including an open-ended \"any other circumstances\" (s5(3)(a)-(d)), increasing interpretive scope.","Detailed timing points governing which date’s value applies (sale time; time of agreement; most recent valuation day; event time) and the 3-month window (s5(2), s5(2)(c)).","Adjustments require deduction of charges/encumbrances except certain statutory charges, with timing linked to the chosen valuation method (s5(4)(a)-(d)).","Multiple accredited valuer pathways in definitions (Australian Property Institute, RICS Chartered Valuation Surveyor, or local registration) create evidentiary and qualification checks (Definitions).","Instrument is technical and procedural rather than substantive policy; coherence depends on operational application by the Commission (s3 authority)."],"plain_english_summary":"This instrument prescribes how the Repatriation Commission must calculate the market value of real assets and real property when working out amounts under the Pension Loans Scheme of the Veterans’ Entitlements Act 1986. It sets an order of valuation methods (sale price, agreed value, recent accredited valuation, or an accredited valuer’s determination), allows the Commission to reject an undervalued sale, and requires deductions for charges or encumbrances — affecting veterans, borrowers and parties from whom the Commonwealth seeks debt recovery."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/veterans-entitlements-pension-loans-scheme-market-value-determination-2022","history":"/api/acts/veterans-entitlements-pension-loans-scheme-market-value-determination-2022/history","analysis":"/api/acts/veterans-entitlements-pension-loans-scheme-market-value-determination-2022/analysis","conflicts":"/api/acts/veterans-entitlements-pension-loans-scheme-market-value-determination-2022/conflicts","importantCases":"/api/acts/veterans-entitlements-pension-loans-scheme-market-value-determination-2022/important-cases","documents":"/api/acts/veterans-entitlements-pension-loans-scheme-market-value-determination-2022/documents"}}