Posted on Thursday, April 19th, 2018 in by Matt Garmony
When a property is being ‘sold’ or transferred to a family member, related party or related entity (superannuation fund transfer or family trust transfer) the Office of State Revenue may require the purchaser to pay Stamp Duty or Transfer Duty. A Transfer duty is a general tax imposed under the Duties Act 2008 (‘Duties Act’) on dutiable transactions over dutiable property (whether documented or not) including transfers of real estate and certain business assets. A Stamp Duty Valuation will be required.
An independent property valuation by a licensed valuer of the property is required before an assessment is issued, when a dutiable transaction is between related parties, or the parties are not otherwise dealing at arms length. The Licensed valuers at Garmony Property Consultants can undertake Stamp Duty valuations and will be accepted by the Office of State Revenue (OSR) where;
- the total value of the property is less than $2 million (OSR will only accept valuations by The Valuer General for transactions over $2 million);
- the valuation report is made within three months of the date of the transaction;
- the valuer has carried out a physical inspection of the property; and
- the Commissioner receives written advice from the taxpayer confirming that no improvements have been made to the land since the valuation was conducted.
Our valuers can undertake these Stamp Duty valuations within a short time frame, quicker than the Valuer Generals office. Please contact us for a quote or click here to go to our electronic valuation quote page.
if you have any further queries, please contact our Licensed Valuers.