Stamp Duty/Related Party Valuations
What exactly is a stamp duty valuation report?
Stamp duty is the name of the tax payable upon transfer of ownership of an asset between two or more parties. A stamp duty valuation is required when transferring ownership between related parties or where property is being transferred into a superannuation fund or various other trusts and legal entities. The stamp duty tax is then payable based on the valuation report provided by a registered valuer. Often a property is sold between related parties and is significantly below market value in which case you will need to have a stamp duty valuation to determine market value. Stamp duty valuation reports contain information on the physical attributes of the property, current market sales evidence and professional interpretation and valuation rationale.
Why do I need a Stamp Duty Valuation and is it compulsory?
When there is a transfer of ownership in a property the office of state revenue requires a stamp valuation report, which must be conducted by a registered property valuer. The amount of stamp duty tax you pay depends on which state the property is located in and the valuation amount reported by the valuer.
Why choose us for your stamp duty valuation?
Stamp duty is an expensive tax! Therefore an accurate valuation is paramount to make sure you do not pay more tax than you need to. We conduct stamp duty valuations for a host of clients including solicitors, conveyancers and company and trust entities. Our valuers are experienced in providing stamp duty valuations for the office of state revenue and have access to the proper property research databases so we can find the most relevant market sales for stamp duty purposes and have all the necessary details to form a professional and accurate opinion.
Please contact us for a guaranteed competitive quote.