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
Stamp duty is a tax that is payable to the state or territory government when certain types of transactions are completed. These transactions include: Insurance policies;Motor vehicle registration and transfers;Leases and mortgages;Hire purchase contracts;Property transfers such as business, real estate or shares.
Stamp duty is calculated based on the value of the property. Stamp duty is similar to personal income tax in that it is based on a sliding scale. This means that properties with higher values attract a higher stamp duty cost.
Getting a stamp duty valuation can help you minimise the stamp duty payable and reduce the likelihood that you will pay too much when the property is transferred.
What is a stamp duty valuation report?
A stamp duty valuation report is a valuation report that is required when transferring ownership between different parties such as from a brother to a sister or into a superannuation fund, other trusts or a legal entity.
Stamp duty will then be calculated based on the value given in the report therefore it is imperative that the valuation report you get is finalised by a registered valuer. This can be even more important when a property transaction takes place between related parties. When a property is sold to a related party, it tends to be sold for a price that is substantially under the true market value.
When this is the case, the ACT Revenue Office will require an independent property valuation conducted by a registered property valuer to ensure that the property is valued accurately and the correct stamp duty amount is paid.
Why choose Valuations ACT for your stamp duty valuation?
Stamp duty is expensive and may cost you thousands of dollars that you don’t want to spend. An accurate valuation is crucial to ensure that you do not pay more tax than you should. A stamp duty valuation from Valuations ACT will contain detailed information about the physical qualities of the property, recent sales market data and professional analysis and valuation justification.
Our expert property valuers have a proven track record in carrying out stamp duty valuation reports that are accepted by a range of clients including lawyers, conveyancers, companies and trusts. Their valuation reports have been supplied to various government entities including the Office of State Revenue.
Given our research methods and access to the most relevant and comprehensive property data, you can be assured that the valuation report you receive from Valuations ACT is reliable and accurate.
To arrange your stamp duty valuation, send us an email or call us on (02) 6189 2232.